MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	TOKYO KIHO CO., LTD.
Registered Office :	1-26-2 Higashi Ueno Taito-ku, 110-0015
Country :	Japan
Financials (as on) :	31.03.2011
Date of Incorporation :	07.11.1960
Legal Form :	Public Independent
Line of Business :	Jewellery and Silverware Manufacturing

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	--
Litigation :	--

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

company name and address

Top of Form

Tokyo Kiho Co., Ltd.

1-26-2 Higashi Ueno
Taito-ku, 110-0015
Japan
Tel:	81-3-38346261
Fax:	81-3-38312987
www.tokyokiho.com

Employees:

81

Company Type:

Public Independent

Traded:

Osaka Stock Exchange:

7597

Incorporation Date:

07-Nov-1960

Auditor:

Yusei Audit Corporation

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2011
Reporting Currency:	Japanese Yen
Annual Sales:	73.1 ^1
Net Income:	1.5
Total Assets:	89.9 ^2
Market Value:	10.3
	(27-Jul-2011)

Business Description

Tokyo Kiho Co., Ltd. is a Japan-based company engaged in the manufacture and sale of rings, necklaces, bracelets, earrings and accessories. The Company's products are divided into six categories: fashion jewelries, diamond jewelries, color stone jewelries, pearl jewelries, import jewelries, as well as designer jewelries. As of March 31, 2010, the Company had two subsidiaries. For the nine months ended 31 December 2010, Tokyo KihoCo., Ltd.'s revenues decreased 10% to Y4.84B. The Company's net income increased 19% to Y31.1M. Revenues reflect decreased sales volume due to unfavorable economic environment. Net income was offset by lower percentage of SGA expenses, the absence of litigation settlement expenses, as well as the absence of losses on valuation of long-term investment securities.

Industry

Industry	Jewelry and Silverware
ANZSIC 2006:	2591 - Jewellery and Silverware Manufacturing
NACE 2002:	3622 - Manufacture of jewellery and related articles not elsewhere classified
NAICS 2002:	339911 - Jewelry (except Costume) Manufacturing
UK SIC 2003:	3622 - Manufacture of jewellery and related articles not elsewhere classified
US SIC 1987:	3911 - Jewelry, Precious Metal

Key Executives

Name	Title
Chiaki Nakagawa	President, Representative Director
Yuji Hikasa	Chief Manager of 3rd Sales Unit, Director
Miyoki Some	Deputy Chief Senior Director of Operation, Director of Administration, Director
Hideki Ishizuka	Deputy Chief Senior Director of Operation, Director
Hideji Kojima	Executive Officer, Chief Manager in 2nd Sales Unit

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures / Spin-offs	1	Tokyo Kiho Co., Ltd. to Sell Property; Expects Extraordinary Profit for FY Ending March 2011	13-Dec-2010
Other Pre-Announcement	1	Tokyo Kiho Co., Ltd. Issues Consolidated Mid-year and Full-year Guidance for FY 2012	29-Jul-2011
Special Events	1	Tokyo Kiho Co., Ltd. Announces Debt Forbearance	28-Apr-2011

* number of significant developments within the last 12 months

News

Title	Date
Tokyo Kiho Expects 1H Group Net Profit Y55.00M Nikkei English News (43 Words)	29-Jul-2011
Tokyo Kiho Expects FY Group Net Profit Y76.00M Nikkei English News (43 Words)	29-Jul-2011
Tokyo Kiho Expects This FY Parent Net Profit Y62.00M Nikkei English News (61 Words)	13-May-2011
Tokyo Kiho Cuts FY Parent Pretax Profit View To Y63.00M Nikkei English News (59 Words)	13-May-2011
Tokyo Kiho 1H Parent Net Pft Y41.00M Vs Y38.00M Pft Yr Earlier Nikkei English News (120 Words)	5-Nov-2010

Financial Summary

As of 31-Mar-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.52	3.95
Quick Ratio (MRQ)	0.76	2.04
Debt to Equity (MRQ)	1.31	0.03
Sales 5 Year Growth	-13.83	9.49
Net Profit Margin (TTM) %	2.09	6.31
Return on Assets (TTM) %	1.68	12.35
Return on Equity (TTM) %	4.52	20.94

Stock Snapshot

Traded: Osaka Stock Exchange: 7597

As of 27-Jul-2011

   Financials in: JPY

Recent Price	180.00	EPS	13.99
52 Week High	210.00	Price/Sales	0.13
52 Week Low	177.00	Dividend Rate	10.00
Avg. Volume (mil)	0.0019	Price/Earnings	6.76
Market Value (mil)	806.14	Price/Book	0.27
		Beta	0.53

	Price % Change	Rel S&P 500%
4 Week	-7.22%	-5.85%
13 Week	-14.29%	-13.22%
52 Week	-13.46%	-11.41%
Year to Date	-7.69%	-1.39%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 85.69144

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.88

Corporate Overview

Location
1-26-2 Higashi Ueno
Taito-ku, 110-0015
Japan

Tel:	81-3-38346261
Fax:	81-3-38312987

www.tokyokiho.com

Quote Symbol - Exchange
7597 - Osaka Stock Exchange
Sales JPY(mil):	6,261.4
Assets JPY(mil):	7,454.7
Employees:	81
Fiscal Year End:	31-Mar-2011

Industry:	Jewelry and Silverware

Incorporation Date:	07-Nov-1960
Company Type:	Public Independent
Quoted Status:	Quoted

President, Representative Director:	Chiaki Nakagawa

Company Web Links

Company Contact/E-mail

Home Page

Contents · Industry Codes · Business Description · Financial Data · Market Data

Shareholders Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2591	-	Jewellery and Silverware Manufacturing

NACE 2002 Codes:
3622	-	Manufacture of jewellery and related articles not elsewhere classified

NAICS 2002 Codes:
339911	-	Jewelry (except Costume) Manufacturing

US SIC 1987:
3911	-	Jewelry, Precious Metal

UK SIC 2003:
3622	-	Manufacture of jewellery and related articles not elsewhere classified

Business Description

Tokyo Kiho Co., Ltd. is a Japan-based company engaged in the manufacture and sale of rings, necklaces, bracelets, earrings and accessories. The Company's products are divided into six categories: fashion jewelries, diamond jewelries, color stone jewelries, pearl jewelries, import jewelries, as well as designer jewelries. As of March 31, 2010, the Company had two subsidiaries. For the nine months ended 31 December 2010, Tokyo KihoCo., Ltd.'s revenues decreased 10% to Y4.84B. The Company's net income increased 19% to Y31.1M. Revenues reflect decreased sales volume due to unfavorable economic environment. Net income was offset by lower percentage of SGA expenses, the absence of litigation settlement expenses, as well as the absence of losses on valuation of long-term investment securities.

More Business Descriptions

Wholesale trade in jewellery, diamonds and other precious stones

Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

Financial Data

Financials in:	JPY(mil)
Revenue:	6,261.4
Net Income:	130.9
Assets:	7,454.7
Long Term Debt:	914.8
Total Liabilities:	4,505.8
Working Capital:	4.0
Date of Financial Data:	31-Mar-2011

1 Year Growth

-11.2%

NA

-8.6%

Market Data

Quote Symbol:	7597
Exchange:	Osaka Stock Exchange
Currency:	JPY
Stock Price:	180.0
Stock Price Date:	07-27-2011
52 Week Price Change %:	-13.5
Market Value (mil):	806,140.8
SEDOL:	6134969
ISIN:	JP3574000000
Equity and Dept Distribution:
All fins. are non-consol. FY'08 Q3 WAS=O/S.

Shareholders

Major Shareholders

Kisaburo Masaki (17.8%); Customers' Stockholding (6.6%)

Key Corporate Relationships

Auditor:	Yusei Audit Corporation
Auditor:	Yusei Audit Corporation

Executives Report

Board of Directors

Name	Title	Function
Kisaburo Masaki	Chairman	Chairman
Yuji Hikasa	Chief Manager of 3rd Sales Unit, Director	Director/Board Member
Mr. Yuji Hikasa has been serving as Chief Manager of 3rd Sales Unit and Director in Tokyo Kiho Co., Ltd. since June 2009. He joined the Company in April 1993.
Hideki Ishizuka	Deputy Chief Senior Director of Operation, Director	Director/Board Member
Mr. Hideki Ishizuka has been serving as Deputy Chief Senior Director of Operation and Director in Tokyo Kiho Co., Ltd. since May 2005. He joined the Company in July 1985. His previous title was Director of 3rd Sales of the Company. Mr. Ishizuka used to work for another company.
Midori Masaki	Manager of Business Planning Office, Director	Director/Board Member
Mr. Midori Masaki has been serving as Manager of Business Planning Office and Director of Tokyo Kiho Co., Ltd. since May 2005. He is also serving as Representative Director in another company. He joined the Company in April 1982.
Hiroaki Miyakoshi	Director	Director/Board Member
Chiaki Nakagawa	President, Representative Director	Director/Board Member
Mr. Chiaki Nakagawa has been serving as President and Representative Director of Tokyo Kiho Co., Ltd. since June 2003. He is also serving as Representative Director in another company. He joined the Company in April 1966. His previous titles include Senior Managing Director and Vice President.
Miyoki Some	Deputy Chief Senior Director of Operation, Director of Administration, Director	Director/Board Member
Mr. Miyoki Some has been serving as Deputy Chief Senior Director of Operation, Director of Administration and Director in Tokyo Kiho Co., Ltd. since June 2007. He joined the Company in February 1991 and previously served as Executive Officer of the Company.
Mitsunari Takahata	Chief Merchandiser in 2nd Product Unit, Director	Director/Board Member
Mr. Mitsunari Takahata has been serving as Chief Merchandiser in 2nd Product Unit and Director in Tokyo Kiho Co., Ltd. since June 2007. He joined the Company in April 1974 and previously served as Executive Officer.
Mitsuya Takahata	Director	Director/Board Member

Executives

Name	Title	Function
Yasuhiko Masaki	Managing Director	Chief Executive Officer
Chiaki Nakagawa	President, Representative Director	President
Mr. Chiaki Nakagawa has been serving as President and Representative Director of Tokyo Kiho Co., Ltd. since June 2003. He is also serving as Representative Director in another company. He joined the Company in April 1966. His previous titles include Senior Managing Director and Vice President.
Hideki Ishizuka	Deputy Chief Senior Director of Operation, Director	Operations Executive
Mr. Hideki Ishizuka has been serving as Deputy Chief Senior Director of Operation and Director in Tokyo Kiho Co., Ltd. since May 2005. He joined the Company in July 1985. His previous title was Director of 3rd Sales of the Company. Mr. Ishizuka used to work for another company.
Miyoki Some	Deputy Chief Senior Director of Operation, Director of Administration, Director	Operations Executive
Mr. Miyoki Some has been serving as Deputy Chief Senior Director of Operation, Director of Administration and Director in Tokyo Kiho Co., Ltd. since June 2007. He joined the Company in February 1991 and previously served as Executive Officer of the Company.
Mirao Some	Director-Administration	Administration Executive
Katsuyo Masaki	Auditor	Finance Executive
Yuji Hikasa	Chief Manager of 3rd Sales Unit, Director	Sales Executive
Mr. Yuji Hikasa has been serving as Chief Manager of 3rd Sales Unit and Director in Tokyo Kiho Co., Ltd. since June 2009. He joined the Company in April 1993.
Midori Masaki	Manager of Business Planning Office, Director	Planning Executive
Mr. Midori Masaki has been serving as Manager of Business Planning Office and Director of Tokyo Kiho Co., Ltd. since May 2005. He is also serving as Representative Director in another company. He joined the Company in April 1982.
Hideji Kojima	Executive Officer, Chief Manager in 2nd Sales Unit	Other
Masashi Tachikawa	Executive Officer, Chief Manager in Osaka Sales Office	Other

Significant Developments

Tokyo Kiho Co., Ltd. Issues Consolidated Mid-year and Full-year Guidance for FY 2012

Jul 29, 2011

Tokyo Kiho Co., Ltd. announced that it has issued the consolidated mid-year guidance for revenue of JPY 2,989 million, operating profit of JPY 76 million, ordinary profit of JPY 59 million, net profit of JPY 55 million and earning per share of JPY 12.44 for the fiscal year ending March 31, 2012. The Company has issued the consolidated full-year guidance for revenue of JPY 5,689 million, operating profit of JPY 116 million, ordinary profit of JPY 82 million, net profit of JPY 76 million and earning per share of JPY 17.38 for the fiscal year ending March 31, 2012.

Tokyo Kiho Co., Ltd. Announces Debt Forbearance

Apr 28, 2011

Tokyo Kiho Co., Ltd. announced its concern of uncollectible receivables in the amount of JPY 83,527,000 from Ginza Shimbido, which is engaged in sale of jewelry in Tokyo, Japan. This is because Ginza Shimbido applied for bankruptcy with Tokyo District Court on April 27, 2011.

Tokyo Kiho Co., Ltd. to Sell Property; Expects Extraordinary Profit for FY Ending March 2011

Dec 13, 2010

Tokyo Kiho Co., Ltd. announced that it will sell a Tokyo-located property to IKUSHINSHA, which is a education book publishing company in Tokyo, Japan, at the price of JPY 190 million, on March 31, 2011. Therefore, the Company has expected the extraordinary profit of JPY 96 million caused by gain on sale of fixed asset, for the fourth quarter of the fiscal year ending March 2011.

Tokyo Kiho Expects 1H Group Net Profit Y55.00M

Nikkei English News: 29 July 2011
[What follows is the full text of the news story.]

Tokyo Kiho Co. (7597.JA)

GROUP Forecast

For 1H To Sep 2011

Revenue Y2.99 bln

Operating Profit 76.00 mln

Pretax Profit 59.00 mln

Net Profit 55.00 mln

Per share

Earnings 12.44

Results are based on Japanese accounting standards.

Nikkei English News: 29 July 2011
[What follows is the full text of the news story.]

Tokyo Kiho Co. (7597.JA)

GROUP Forecast

For Year To Mar 2012

Revenue Y5.69 bln

Operating Profit 116.00 mln

Pretax Profit 82.00 mln

Net Profit 76.00 mln

Per share

Earnings 17.38

Results are based on Japanese accounting standards.

Tokyo Kiho Expects This FY Parent Net Profit Y62.00M

Nikkei English News: 13 May 2011
[What follows is the full text of the news story.]

Tokyo Kiho Co. also released the following forecasts:

PARENT 1st Half To Year Ending

Sep 2011Mar 2012

Revenue Y2.97 blnY5.65 bln

Operating Profit 60.00 mln 98.00 mln

Pretax Profit 43.00 mln 64.00 mln

Net Profit 42.00 mln 62.00 mln

Per share

Earnings 9.50 14.20

Results are based on Japanese accounting standards.

Tokyo Kiho Cuts FY Parent Pretax Profit View To Y63.00M

Nikkei English News: 13 May 2011
[What follows is the full text of the news story.]

Tokyo Kiho Co. (7597.JA)

PARENT New Forecast Prior

For Year To Mar 2011 Forecast

Revenue Y6.26 blnY6.67 bln

Operating Profit 125.00 mln 164.00 mln

Pretax Profit 63.00 mln 144.00 mln

Net Profit 130.00 mln 140.00 mln

Per share

Earnings 29.58 31.84

Results are based on Japanese accounting standards.

Tokyo Kiho Expects This FY Parent Net Profit Y140.00M

Nikkei English News: 04 February 2011
[What follows is the full text of the news story.]

Tokyo Kiho Co. also released the following forecasts:

PARENT Year Ending

Mar 2011

Revenue Y6.67 bln

Operating Profit 164.00 mln

Pretax Profit 144.00 mln

Net Profit 140.00 mln

Per share

Earnings 31.84

Results are based on Japanese accounting standards.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=tT450hYrZhMSpDcFRcx63Q%3D%3D. You can use this link on the day this article is published and the following day.

Tokyo Kiho 1H Parent Net Pft Y41.00M Vs Y38.00M Pft Yr Earlier

Nikkei English News: 05 November 2010
[What follows is the full text of the news story.]

Tokyo Kiho Co. (7597.JA)

Japan

1st Half Ended September 30

PARENT 2010 2009

Revenue Y3.44 blnY3.79 bln

Operating Profit 122.00 mln 85.00 mln

Pretax Profit 72.00 mln 55.00 mln

Net Profit 41.00 mln 38.00 mln

Per share

Earnings 9.47 8.62

Dividend

First quarter N/A N/A

Midyear 5.00 5.00

Year-end N/A 0.00

Annual N/A 5.00

Results are based on Japanese accounting standards.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=KJ%2F%2BZOE4APg8FEtKsqDqOA%3D%3D. You can use this link on the day this article is published and the following day.

Tokyo Kiho Expects This FY Parent Net Profit Y140.00M

Nikkei English News: 05 November 2010
[What follows is the full text of the news story.]

Tokyo Kiho Co. also released the following forecasts:

PARENT Year Ending

Mar 2011

Revenue Y6.67 bln

Operating Profit 164.00 mln

Pretax Profit 144.00 mln

Net Profit 140.00 mln

Per share

Earnings 31.84

Results are based on Japanese accounting standards.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=KJ%2F%2BZOE4APg8FEtKsqDqOA%3D%3D. You can use this link on the day this article is published and the following day.

Tokyo Kiho Cuts 1H Parent Pretax Profit View To Y72.00M

Nikkei English News: 05 November 2010
[What follows is the full text of the news story.]

Tokyo Kiho Co. (7597.JA)

PARENT New Forecast Prior

For 1H To Sep 2010 Forecast

Revenue Y3.44 blnY3.42 bln

Operating Profit 122.00 mln 84.00 mln

Pretax Profit 72.00 mln 74.00 mln

Net Profit 41.00 mln 74.00 mln

Per share

Earnings 9.47 16.90

Results are based on Japanese accounting standards.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary:

http://www.djnewsplus.com/access/al?rnd=KJ%2F%2BZOE4APg8FEtKsqDqOA%3D%3D. You can use this link on the day this article is published and the following day.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	73.1	75.9	79.0	74.7	91.8
Revenue	73.1	75.9	79.0	74.7	91.8
Total Revenue	73.1	75.9	79.0	74.7	91.8
Cost of Revenue	57.8	67.5	60.0	57.0	70.2
Cost of Revenue, Total	57.8	67.5	60.0	57.0	70.2
Gross Profit	15.3	8.4	19.0	17.7	21.7
Selling/General/Administrative Expense	7.9	9.2	10.9	10.0	12.7
Labor & Related Expense	5.8	6.2	7.4	6.9	8.0
Total Selling/General/Administrative Expenses	13.7	15.4	18.3	17.0	20.8
Depreciation	0.1	0.1	0.1	0.1	0.1
Depreciation/Amortization	0.1	0.1	0.1	0.1	0.1
Litigation	0.1	0.2	0.0	-	-
Impairment-Assets Held for Use	0.2	0.0	0.1	0.0	0.0
Impairment-Assets Held for Sale	0.0	0.0	0.0	0.2	0.0
Other Unusual Expense (Income)	0.0	-0.3	-0.2	0.4	0.0
Unusual Expense (Income)	0.3	0.0	-0.1	0.6	0.0
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	71.9	83.0	78.4	74.7	91.0
Operating Income	1.2	-7.1	0.7	-0.1	0.8
Interest Expense - Non-Operating	-1.1	-1.1	-1.2	-1.1	-0.6
Interest Expense, Net Non-Operating	-1.1	-1.1	-1.2	-1.1	-0.6
Interest Income - Non-Operating	0.1	0.1	0.1	0.1	0.0
Investment Income - Non-Operating	0.0	0.1	0.0	0.1	0.2
Interest/Investment Income - Non-Operating	0.1	0.1	0.1	0.2	0.2
Interest Income (Expense) - Net Non-Operating Total	-1.1	-1.0	-1.0	-0.9	-0.4
Gain (Loss) on Sale of Assets	1.1	0.0	0.0	1.2	-0.1
Other Non-Operating Income (Expense)	0.4	0.6	0.8	0.8	0.5
Other, Net	0.4	0.6	0.8	0.8	0.5
Income Before Tax	1.6	-7.5	0.4	1.0	0.8
Total Income Tax	0.1	1.6	0.0	0.8	0.1
Income After Tax	1.5	-9.1	0.4	0.2	0.8
Net Income Before Extraord Items	1.5	-9.1	0.4	0.2	0.8
Net Income	1.5	-9.1	0.4	0.2	0.8
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	-
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	-
Income Available to Common Excl Extraord Items	1.5	-9.1	0.4	0.2	0.8
Income Available to Common Incl Extraord Items	1.5	-9.1	0.4	0.2	0.8
Basic/Primary Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Basic EPS Excl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Basic/Primary EPS Incl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.5	-9.1	0.4	0.2	0.8
Diluted Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Diluted EPS Excl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Diluted EPS Incl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Dividends per Share - Common Stock Primary Issue	0.12	0.05	0.10	0.09	0.09
Gross Dividends - Common Stock	0.5	0.2	0.4	0.4	0.4
Interest Expense, Supplemental	1.1	1.1	1.2	1.1	0.6
Depreciation, Supplemental	0.5	0.5	0.5	0.5	0.2
Total Special Items	-0.8	0.0	-0.1	-0.6	0.1
Normalized Income Before Tax	0.7	-7.5	0.3	0.4	0.9
Effect of Special Items on Income Taxes	0.0	0.0	0.0	-0.2	0.0
Inc Tax Ex Impact of Sp Items	0.0	1.6	0.0	0.6	0.1
Normalized Income After Tax	0.7	-9.1	0.3	-0.1	0.8
Normalized Inc. Avail to Com.	0.7	-9.1	0.3	-0.1	0.8
Basic Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Diluted Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Advertising Expense, Supplemental	3.9	4.0	-	-	-
Reported Operating Profit	1.5	-7.1	0.6	0.5	0.8
Reported Ordinary Profit	0.7	-7.5	0.3	0.4	0.9
Normalized EBIT	1.5	-7.1	0.6	0.5	0.8
Normalized EBITDA	2.0	-6.6	1.1	1.0	1.0
Transition Costs - Domestic	-	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	-	0.3	0.4	0.2	0.5
Domestic Pension Plan Expense	-	0.4	0.4	0.2	0.5
Total Pension Expense	-	0.4	0.4	0.2	0.5
Total Plan Other Expense	-	0.3	0.4	0.2	0.5

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	9.1	7.6	5.1	4.0	7.8
Cash and Short Term Investments	9.1	7.6	5.1	4.0	7.8
Accounts Receivable - Trade, Gross	12.7	13.6	12.1	11.6	12.0
Provision for Doubtful Accounts	-1.6	-1.4	-0.6	-0.3	-0.5
Trade Accounts Receivable - Net	11.1	12.2	11.6	11.3	11.5
Notes Receivable - Short Term	9.7	9.9	9.1	13.2	13.5
Other Receivables	0.1	0.1	0.6	1.8	0.0
Total Receivables, Net	20.9	22.1	21.3	26.3	25.0
Inventories - Finished Goods	31.4	31.0	42.7	43.7	40.6
Total Inventory	31.4	31.0	42.7	43.7	40.6
Prepaid Expenses	0.3	0.4	0.4	0.5	0.4
Deferred Income Tax - Current Asset	-	0.0	0.4	0.7	0.8
Other Current Assets	0.7	0.6	0.4	0.7	0.7
Other Current Assets, Total	0.7	0.6	0.8	1.3	1.5
Total Current Assets	62.5	61.6	70.3	75.8	75.4
Buildings	1.8	1.6	1.5	1.5	1.6
Land/Improvements	3.1	2.8	2.6	2.6	2.2
Machinery/Equipment	0.6	0.6	0.6	0.6	0.6
Property/Plant/Equipment - Gross	5.6	5.0	4.8	4.7	4.4
Accumulated Depreciation	-0.8	-0.7	-0.6	-0.5	-1.4
Property/Plant/Equipment - Net	4.8	4.3	4.2	4.2	3.0
Intangibles, Net	0.1	0.2	0.3	0.3	0.4
LT Investment - Affiliate Companies	0.6	0.8	0.7	0.2	0.2
LT Investments - Other	20.6	19.3	18.4	18.6	2.4
Long Term Investments	21.2	20.0	19.1	18.8	2.6
Note Receivable - Long Term	1.3	1.8	1.8	0.7	1.0
Deferred Income Tax - Long Term Asset	-	0.0	1.0	0.9	1.2
Other Long Term Assets	0.1	-0.6	-0.7	0.6	0.9
Other Long Term Assets, Total	0.1	-0.6	0.3	1.5	2.0
Total Assets	89.9	87.3	96.0	101.3	84.3
Accounts Payable	4.0	3.4	3.2	3.6	4.4
Accrued Expenses	0.4	0.4	0.6	0.6	1.1
Notes Payable/Short Term Debt	28.2	30.7	33.7	36.5	39.7
Current Portion - Long Term Debt/Capital Leases	7.4	3.4	2.8	2.6	0.7
Customer Advances	0.1	0.1	0.1	0.1	0.0
Security Deposits	0.1	0.1	0.1	0.1	0.3
Income Taxes Payable	0.1	0.0	0.2	0.0	0.1
Other Payables	0.8	0.7	0.5	0.7	0.7
Other Current Liabilities	0.1	0.1	0.1	0.7	0.1
Other Current liabilities, Total	1.2	1.0	1.0	1.8	1.2
Total Current Liabilities	41.1	38.9	41.3	45.1	47.2
Long Term Debt	11.0	16.1	13.3	15.2	1.7
Total Long Term Debt	11.0	16.1	13.3	15.2	1.7
Total Debt	46.6	50.2	49.8	54.2	42.1
Pension Benefits - Underfunded	0.7	0.5	0.6	0.4	2.7
Other Long Term Liabilities	1.5	1.3	3.1	3.3	0.7
Other Liabilities, Total	2.2	1.8	3.7	3.7	3.4
Total Liabilities	54.4	56.9	58.3	63.9	52.2
Common Stock	7.7	6.8	6.4	6.4	5.4
Common Stock	7.7	6.8	6.4	6.4	5.4
Additional Paid-In Capital	6.1	5.4	5.1	5.1	4.3
Retained Earnings (Accumulated Deficit)	22.2	18.5	26.5	26.3	22.3
Treasury Stock - Common	-0.3	-0.3	-0.3	-0.3	0.0
Unrealized Gain (Loss)	0.0	-0.1	-0.1	-0.1	0.1
Total Equity	35.6	30.4	37.7	37.4	32.0
Total Liabilities & Shareholders’ Equity	89.9	87.3	96.0	101.3	84.3
Shares Outstanding - Common Stock Primary Issue	4.4	4.4	4.4	4.4	4.5
Total Common Shares Outstanding	4.4	4.4	4.4	4.4	4.5
Treasury Shares - Common Stock Primary Issue	0.1	0.1	0.1	0.1	0.0
Employees	81	86	112	121	133
Number of Common Shareholders	267	251	264	262	268
Deferred Revenue - Current	0.1	0.1	0.1	0.1	0.0
Total Long Term Debt, Supplemental	-	19.5	23.8	17.7	2.4
Long Term Debt Maturing within 1 Year	-	3.4	10.1	2.6	0.7
Long Term Debt Maturing in Year 2	-	6.9	2.3	2.3	0.6
Long Term Debt Maturing in Year 3	-	7.0	5.4	1.6	0.8
Long Term Debt Maturing in Year 4	-	0.8	5.8	1.5	0.2
Long Term Debt Maturing in Year 5	-	0.5	0.0	9.8	0.0
Long Term Debt Maturing in 2-3 Years	-	13.9	7.7	3.9	1.4
Long Term Debt Maturing in 4-5 Years	-	1.4	5.8	11.3	0.2
Long Term Debt Matur. in Year 6 & Beyond	-	0.9	0.2	0.0	0.0
Pension Obligation - Domestic	-	1.3	1.4	1.4	1.4
Plan Assets - Domestic	-	0.7	0.7	0.8	0.8
Funded Status - Domestic	-	-0.6	-0.7	-0.5	-0.6
Total Funded Status	-	-0.6	-0.7	-0.5	-0.6
Accrued Liabilities - Domestic	-	-0.5	-0.6	-0.4	-0.4
Other Assets, Net - Domestic	-	0.1	0.1	0.1	0.1
Net Assets Recognized on Balance Sheet	-	-0.4	-0.4	-0.2	-0.3
Total Plan Obligations	-	1.3	1.4	1.4	1.4
Total Plan Assets	-	0.7	0.7	0.8	0.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	1.6	-7.5	0.4	1.0	0.8
Depreciation	0.5	0.5	0.5	0.5	0.2
Depreciation/Depletion	0.5	0.5	0.5	0.5	0.2
Unusual Items	-1.1	0.0	0.0	-1.0	0.0
Other Non-Cash Items	0.3	1.6	2.2	-1.5	0.3
Non-Cash Items	-0.8	1.6	2.3	-2.5	0.3
Accounts Receivable	3.9	-0.7	3.2	4.4	4.3
Inventories	3.4	14.2	1.4	3.9	3.6
Accounts Payable	0.2	-1.7	-0.7	0.9	-5.3
Accrued Expenses	0.0	-0.1	-0.2	-0.3	0.2
Taxes Payable	-0.1	-0.2	0.2	-0.4	0.3
Other Liabilities	0.0	0.0	0.0	-0.2	0.1
Other Operating Cash Flow	-0.1	-1.2	-1.3	-0.5	-0.3
Changes in Working Capital	7.3	10.4	2.5	7.9	2.9
Cash from Operating Activities	8.6	5.0	5.7	6.9	4.2
Purchase of Fixed Assets	0.0	0.0	-0.1	-3.5	-0.2
Purchase/Acquisition of Intangibles	-	0.0	0.0	0.0	-0.1
Capital Expenditures	0.0	0.0	-0.1	-3.5	-0.3
Sale of Fixed Assets	0.0	0.0	0.0	2.3	0.2
Sale/Maturity of Investment	2.6	0.8	0.7	1.7	1.0
Purchase of Investments	-1.1	-0.8	-1.2	-14.4	-0.5
Other Investing Cash Flow	0.2	0.3	1.3	-0.8	-0.6
Other Investing Cash Flow Items, Total	1.6	0.3	0.8	-11.2	0.1
Cash from Investing Activities	1.6	0.3	0.7	-14.7	-0.3
Other Financing Cash Flow	0.0	0.0	0.0	-	-
Financing Cash Flow Items	0.0	0.0	0.0	-	-
Cash Dividends Paid - Common	-0.3	-0.5	-0.4	-0.4	-0.4
Total Cash Dividends Paid	-0.3	-0.5	-0.4	-0.4	-0.4
Repurchase/Retirement of Common	-	-	0.0	-0.2	0.0
Common Stock, Net	-	-	0.0	-0.2	0.0
Issuance (Retirement) of Stock, Net	-	-	0.0	-0.2	0.0
Short Term Debt Issued	27.5	31.3	33.2	31.8	40.1
Short Term Debt Reduction	-33.7	-36.3	-36.1	-41.0	-41.0
Short Term Debt, Net	-6.2	-5.0	-3.0	-9.3	-0.9
Long Term Debt Issued	3.5	5.9	1.0	15.4	0.0
Long Term Debt Reduction	-7.0	-3.5	-2.8	-2.4	-0.8
Long Term Debt, Net	-3.5	2.5	-1.8	13.0	-0.8
Issuance (Retirement) of Debt, Net	-9.7	-2.5	-4.7	3.7	-1.6
Cash from Financing Activities	-10.0	-3.0	-5.2	3.1	-2.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	0.2	2.3	1.3	-4.7	2.0
Net Cash - Beginning Balance	7.5	4.6	3.0	7.4	5.2
Net Cash - Ending Balance	7.7	6.9	4.3	2.7	7.2
Cash Interest Paid	1.1	1.1	1.2	1.1	0.6
Cash Taxes Paid	0.0	0.2	-0.3	0.2	0.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net sales	73.1	75.9	79.0	74.7	91.8
Total Revenue	73.1	75.9	79.0	74.7	91.8
Cost of Sales	57.8	67.5	60.0	57.0	70.2
Reversal of reserve for returns	0.0	-0.1	-0.1	0.0	-0.1
Provision for reserve for returns	0.0	0.0	0.1	0.1	0.0
Selling Expenses	3.9	4.0	5.0	4.9	6.1
Traveling expense	1.6	1.7	2.0	2.2	2.5
Director's remuneration	0.6	0.5	0.7	0.7	0.6
Payrolls	4.0	4.3	5.0	4.6	5.2
Bonuses	0.4	0.3	0.5	0.7	0.8
Welfare expenses	0.6	0.7	0.8	0.7	0.8
Periodic retirement benefit costs	0.2	0.4	0.4	0.2	0.5
Reserve for officers retirement	-	-	-	0.0	0.2
Taxes, other than income taxes	0.1	0.0	0.1	0.1	0.1
Depreciation	0.1	0.1	0.1	0.1	0.1
Provision for doubtful accounts(SGA)	0.0	0.9	1.0	0.0	0.3
Other SGA expense	2.3	2.5	2.9	3.0	3.7
SP Insuance income	-	0.0	-0.3	0.0	-
SP Rev. of guarantee deposit	-	-	-	0.0	0.0
SP Rev Insurance cancellation income(SP)	0.0	0.0	0.0	0.0	0.0
SP Reversal G LT payable	0.0	-0.3	0.0	-	-
SP L. on retire. of fixed assets	0.2	0.0	0.1	0.0	0.0
SP L on val. of LT inv't. secs.	0.0	0.0	0.0	0.2	0.0
SP Allowance for doubtful accounts	-	-	0.0	0.2	0.0
SP Stolen goods losses	-	-	0.0	0.3	0.0
SP L on cancellation of insurance	-	0.0	0.0	0.0	-
SP L on val. of goods	-	-	-	-	0.0
SP Assets impairment losses	-	-	-	-	0.0
SP Litigation settlement	0.1	0.1	0.0	-	-
SP Prov. of reserve for loss on litigat	0.0	0.1	0.0	-	-
Total Operating Expense	71.9	83.0	78.4	74.7	91.0
SP G on sale of fixed assets	-	-	0.0	1.6	0.0
SP G on sale of real estate	1.1	0.0	-	-	-
SP G on sale of LT inv't. secs.(SP)	0.0	0.0	0.0	-	-
SP L on sale of memberships	0.0	0.0	0.0	-	-
SP L on sale of fixed assets	-	0.0	0.0	-0.4	0.0
SP L on disp. of goods	-	-	-	-	0.0
NOP Interest income	0.1	0.1	0.1	0.1	0.0
NOP Dividends received	0.0	0.0	0.0	0.0	0.0
NOP Rental income	1.7	1.8	1.8	1.6	0.6
NOP Foreign exchange gains	0.0	0.0	0.0	0.1	0.1
NOP Commission income	-	-	-	0.0	0.1
NOP Employee lease income	-	-	0.0	0.0	0.1
NOP Other non-operating income	0.1	0.1	0.1	0.1	0.1
NOP Interest expenses	-1.1	-1.1	-1.2	-1.1	-0.6
NOP Interests on bonds	0.0	0.0	0.0	0.0	0.0
NOP Bond issue expenses	0.0	-0.1	0.0	-	-
NOP Amort. bond issuance expenses	-	-	-	-	0.0
NOP Commission paid	-0.2	-0.2	-0.2	-0.2	-0.2
NOP Sales discount expenses	0.0	-0.1	-0.1	-0.1	-0.1
NOP Rental expenses	-0.9	-0.8	-0.8	-0.6	-0.1
NOP L on sale of trade notes rcvbl.	-	0.0	0.0	0.0	0.0
NOP Loss on bad debts	-	-	-	-	0.0
NOP Provision for doubtful accounts	-	-	-	0.0	0.0
NOP Other non-operating expenses	-0.3	-0.2	0.0	0.0	0.0
Net Income Before Taxes	1.6	-7.5	0.4	1.0	0.8
Provision for Income Taxes	0.1	1.6	0.0	0.8	0.1
Net Income After Taxes	1.5	-9.1	0.4	0.2	0.8
Net Income Before Extra. Items	1.5	-9.1	0.4	0.2	0.8
Net Income	1.5	-9.1	0.4	0.2	0.8
Adjustment to math with reported net inc	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	1.5	-9.1	0.4	0.2	0.8
Income Available to Com Incl ExtraOrd	1.5	-9.1	0.4	0.2	0.8
Basic Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Basic EPS Excluding ExtraOrdinary Items	0.35	-2.05	0.10	0.05	0.17
Basic EPS Including ExtraOrdinary Items	0.35	-2.05	0.10	0.05	0.17
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.5	-9.1	0.4	0.2	0.8
Diluted Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Diluted EPS Excluding ExtraOrd Items	0.35	-2.05	0.10	0.05	0.17
Diluted EPS Including ExtraOrd Items	0.35	-2.05	0.10	0.05	0.17
DPS-Common Stock	0.12	0.05	0.10	0.09	0.09
Gross Dividends - Common Stock	0.5	0.2	0.4	0.4	0.4
Normalized Income Before Taxes	0.7	-7.5	0.3	0.4	0.9
Inc Tax Ex Impact of Sp Items	0.0	1.6	0.0	0.6	0.1
Normalized Income After Taxes	0.7	-9.1	0.3	-0.1	0.8
Normalized Inc. Avail to Com.	0.7	-9.1	0.3	-0.1	0.8
Basic Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Diluted Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Sales promotion	3.9	4.0	-	-	-
Interest expenses	1.1	1.1	1.2	1.1	0.6
Interests on bonds	0.0	0.0	0.0	0.0	0.0
Depreciation expense	0.5	0.5	0.5	0.5	0.2
Reported Operating Profit	1.5	-7.1	0.6	0.5	0.8
Reported Ordinary Profit	0.7	-7.5	0.3	0.4	0.9
Recognized Pension Plan Cost	-	0.3	0.4	0.2	0.5
Pension Exp. due to Acct. Changes	-	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	-	0.4	0.4	0.2	0.5
Total Pension Expense	-	0.4	0.4	0.2	0.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & deposits	9.1	7.6	5.1	4.0	7.8
Notes receivable, gross	9.7	9.9	9.1	13.2	13.5
Accounts receivable, gross	12.7	13.6	12.1	11.6	12.0
Inventories - merchandise	31.4	31.0	42.7	43.7	40.6
Advance payments	0.0	0.1	0.1	0.1	0.1
Prepaid expenses	0.3	0.3	0.3	0.3	0.3
Income tax receivable	0.0	0.1	0.0	0.0	0.0
Deferred income taxes	-	0.0	0.4	0.7	0.8
ST Loans	0.1	0.0	0.6	1.7	0.0
Current assets other	0.7	0.6	0.4	0.7	0.7
Allow.doubt.accounts (current)	-1.6	-1.4	-0.6	-0.3	-0.5
Total Current Assets	62.5	61.6	70.3	75.8	75.4
Buildings gross	1.8	1.6	1.5	1.5	1.6
Depreciation-Buildings	-0.3	-0.2	-0.1	-0.1	-
Vehicles, gross	0.6	0.5	0.5	0.5	0.4
Depreciation-Vehicles	-0.5	-0.4	-0.4	-0.3	-
Tools, furniture, & fixtures, gross	0.1	0.1	0.1	0.1	0.2
Depreciation-Tools, furniture, & fixture	0.0	-0.1	-0.1	-0.1	-
Land	3.1	2.8	2.6	2.6	2.2
Total accumulated depr.	-	-	-	-	-1.4
Software accounts rights	0.0	0.1	0.2	0.3	0.3
Telephone subscription rights	0.0	0.0	0.0	0.0	0.0
Trademarks	0.0	0.0	0.0	0.0	-
Long-term investment in securities	1.0	0.8	0.7	0.7	0.8
Equity secs.-nonconsolidated affil.	0.6	0.8	0.7	0.2	0.2
Investment in closely-held capital	0.1	0.1	0.1	0.1	0.1
Long-term loans	0.0	0.9	0.5	0.0	0.3
Long-term loans, employees	0.2	0.2	0.1	0.1	0.1
Claims bankruptcy & others, net	1.1	0.7	1.3	0.6	0.6
LT prepaid expenses	0.0	0.0	0.0	0.0	0.0
Deferred inc. taxes (non-current)	-	0.0	1.0	0.9	1.2
Properties investment gross	20.8	19.7	18.6	18.5	2.2
Accumulated depreciation	-1.3	-1.3	-1.0	-0.7	-0.7
Other assets	0.5	0.4	0.5	1.1	1.1
Allow.doubt.accounts (non-current)	-0.4	-1.0	-1.2	-0.5	-0.3
Adjustment	0.0	-	-	0.0	-
Total Assets	89.9	87.3	96.0	101.3	84.3
Notes payable	-	-	-	-	0.0
Trade accounts payable	4.0	3.4	3.2	3.6	4.4
Straight bonds (current)	0.7	0.7	0.8	0.7	0.6
Short-term borrowings	28.2	30.7	33.7	36.5	39.7
LT borrowings (current)	6.6	2.6	2.0	1.9	0.2
Other accounts payable	0.8	0.7	0.5	0.7	0.7
Accrued expenses	0.4	0.3	0.4	0.6	0.7
Income taxes payable	0.1	0.0	0.2	0.0	0.1
Consumption taxes payable	0.0	0.1	0.2	0.1	0.4
Advanced received on construction	0.0	0.0	0.0	0.0	0.0
Deposits received	0.1	0.1	0.1	0.1	0.3
Deferred revenue	0.1	0.1	0.1	0.1	0.0
Reserve for sales return	0.0	0.0	0.1	0.1	0.0
Reserve for loss on litigation	0.0	0.1	0.0	-	-
Other	0.1	0.0	0.0	0.7	0.0
Total Current Liabilities	41.1	38.9	41.3	45.1	47.2
Straight bonds	1.8	2.2	0.1	0.9	1.5
LT Borrowings	9.2	13.7	13.0	14.1	0.2
LT Borrowings Affiliate Company	0.0	0.2	0.2	0.2	-
Total Long Term Debt	11.0	16.1	13.3	15.2	1.7
Reserve for accrued retirement benefit	0.7	0.5	0.6	0.4	0.4
Reserve for Officers' Retirement	-	-	-	0.0	2.2
Guarantee deposits	0.5	0.4	0.5	0.6	0.7
LT Payable	1.0	0.9	2.7	2.7	0.0
Other LT Liabilities	-	-	-	-	0.0
Total Liabilities	54.4	56.9	58.3	63.9	52.2
Common stock	7.7	6.8	6.4	6.4	5.4
Additional paid-in-capital	6.1	5.4	5.1	5.1	4.3
Legal reserve	1.0	0.9	0.8	0.8	0.7
General reserve	18.1	25.7	24.3	24.1	20.3
Unappropriated retained earnings	3.1	-8.1	1.3	1.3	1.3
Reserve by val. of investment sec.	0.0	-0.1	-0.1	0.0	0.0
Deferred hedge gain/loss	0.0	0.0	0.0	0.0	0.0
Treasury stocks	-0.3	-0.3	-0.3	-0.3	0.0
Total Equity	35.6	30.4	37.7	37.4	32.0
Total Liabilities & Shareholders' Equity	89.9	87.3	96.0	101.3	84.3
S/O-Common Stock	4.4	4.4	4.4	4.4	4.5
Total Common Shares Outstanding	4.4	4.4	4.4	4.4	4.5
T/S-Common Stock	0.1	0.1	0.1	0.1	0.0
Advanced received on construction	0.0	0.0	0.0	0.0	0.0
Deferred revenue	0.1	0.1	0.1	0.1	0.0
Full-Time Employees	81	86	112	121	133
Number of Common Shareholders	267	251	264	262	268
LT debt due within 1 year	-	3.4	10.1	2.6	0.7
LT debt due from 1 to 2 year	-	6.9	2.3	2.3	0.6
LT debt due from 2 to 3 year	-	7.0	5.4	1.6	0.8
LT debt due from 3 to 4 year	-	0.8	5.8	1.5	0.2
LT debt due from 4 to 5 year	-	0.5	0.0	9.8	0.0
LT debt over 5 year	-	0.9	0.2	0.0	0.0
Total Long Term Debt, Supplemental	-	19.5	23.8	17.7	2.4
Pension Obligation	-	1.3	1.4	1.4	1.4
Fair Value of Plan Asset	-	0.7	0.7	0.8	0.8
Funded Status	-	-0.6	-0.7	-0.5	-0.6
Total Funded Status	-	-0.6	-0.7	-0.5	-0.6
Expense Unrecog. for Acct. Changes	-	0.1	0.1	0.1	0.1
Accrued Pension Benefit	-	-0.5	-0.6	-0.4	-0.4
Net Assets Recognized on Balance Sheet	-	-0.4	-0.4	-0.2	-0.3

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net income before taxes	1.6	-7.5	0.4	1.0	0.8
Depreciation expenses	0.5	0.5	0.5	0.5	0.2
G/L on val. LT inv't in secs.	0.0	0.0	0.0	0.2	0.0
G on sale of real estate inv.	-1.1	0.0	-	-	-
Gain sale of fixed assets	-	-	0.0	-1.6	0.0
Loss sale of fixed assets	-	0.0	0.0	0.4	0.0
Impairment losses on assets	-	-	-	-	0.0
Reserve for doubtful accounts	-0.7	0.5	1.0	-0.1	-0.3
Reserve for retirement benefits	0.1	-0.1	0.2	-0.1	-0.2
Reserve for dir.'s retirement benefits	-	-	0.0	-2.3	0.2
Reserve for settlement loss	-0.1	0.1	0.0	-	-
Reversal of int.& dividends rcvd.	-0.1	-0.1	-0.1	-0.1	0.0
Reversal of interest expenses	1.1	1.1	1.2	1.1	0.6
(Inc) Dec accounts receivable	3.9	-0.7	3.0	4.6	4.3
(Inc) Dec inventories	3.4	14.2	1.4	3.9	3.6
Inc (Dec) sales tax receivable	-	0.0	0.3	-0.2	0.0
Inc(Dec) in acts & notes payable	0.1	0.1	-0.5	-1.4	-5.0
Inc (Dec) other operating payables	0.0	0.1	-0.2	0.0	-0.3
Inc (Dec) sales tax payables	-0.1	-0.2	0.2	-0.4	0.3
Inc (Dec) accrued expenses	0.0	-0.1	-0.2	-0.3	0.2
Inc (Dec) security deposits rcv'd	0.0	0.0	0.0	-0.2	0.1
Inc(Dec) in LT payable	0.0	-1.9	0.0	2.3	0.0
Other operating activities	1.0	0.1	-0.6	0.7	0.2
Int & div.received(cash basis)	0.1	0.1	0.1	0.1	0.0
Interest paid (cash basis)	-1.1	-1.1	-1.2	-1.1	-0.6
Income taxes paid	0.0	-0.2	0.0	-0.2	0.0
Income taxes refund	0.1	0.0	0.3	0.0	0.0
Cash from Operating Activities	8.6	5.0	5.7	6.9	4.2
Time deposit made	-0.7	-0.7	-0.5	-0.4	-0.4
Time deposit matured	0.4	0.8	0.7	0.2	1.0
Capital expenditure	0.0	0.0	-0.1	-3.5	-0.2
Sale of PPE	0.0	0.0	0.0	2.3	0.2
Purchase of intangible assets	-	0.0	0.0	0.0	-0.1
Purch. of real estate investments	-0.3	0.0	-0.1	-13.9	0.0
Sale of real estate investments	2.1	0.0	0.0	1.5	0.0
Purchase of LT inv't in sec.	-0.1	-0.1	-0.1	-0.1	-0.1
Sale of LT Inv't in secs.	0.0	0.1	0.0	-	-
Purch. of subs. secs.	-	0.0	-0.5	0.0	-
Loans made	-0.1	0.0	-1.5	-2.0	-1.2
Loans collected	0.1	0.2	2.2	1.1	0.8
Other investment activities	0.1	0.1	0.6	0.1	-0.2
Cash from Investing Activities	1.6	0.3	0.7	-14.7	-0.3
ST debts issued	27.5	31.3	33.2	31.8	40.1
ST debts repaid	-33.7	-36.3	-36.1	-41.0	-41.0
LT debts issued	3.5	2.8	1.0	15.4	0.0
LT debts, repaid	-6.2	-2.3	-2.1	-1.7	-0.2
Bond issued	0.0	3.1	0.0	-	0.0
Bond redemption	-0.8	-1.2	-0.7	-0.8	-0.6
Treasury stock purchased	-	-	0.0	-0.2	0.0
Cash dividends paid	-0.3	-0.5	-0.4	-0.4	-0.4
Other	0.0	0.0	0.0	-	-
Cash from Financing Activities	-10.0	-3.0	-5.2	3.1	-2.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	0.2	2.3	1.3	-4.7	2.0
Net Cash - Beginning Balance	7.5	4.6	3.0	7.4	5.2
Net Cash - Ending Balance	7.7	6.9	4.3	2.7	7.2
Cash Interest Paid	1.1	1.1	1.2	1.1	0.6
Cash Taxes Paid	0.0	0.2	-0.3	0.2	0.0

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Ratios
Â	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Profitability
Gross Margin	20.92%	11.04%	24.05%	23.67%	23.59%
Operating Margin	1.63%	-9.36%	0.85%	-0.08%	0.88%
Pretax Margin	2.16%	-9.88%	0.56%	1.36%	0.90%
Net Profit Margin	2.09%	-11.93%	0.54%	0.31%	0.84%
Financial Strength
Current Ratio	1.52	1.58	1.70	1.68	1.60
Long Term Debt/Equity	0.31	0.53	0.35	0.40	0.05
Total Debt/Equity	1.31	1.65	1.32	1.45	1.31
Management Effectiveness
Return on Assets	1.68%	-9.54%	0.44%	0.26%	0.88%
Return on Equity	4.52%	-25.66%	1.15%	0.70%	2.40%
Efficiency
Receivables Turnover	3.30	3.38	3.36	3.06	3.34
Inventory Turnover	1.80	1.77	1.41	1.42	1.64
Asset Turnover	0.80	0.80	0.81	0.85	1.04

Market Valuation USD (mil)
P/E (TTM)	6.09	.	Enterprise Value2	47.2
Price/Sales (TTM)	0.13	.	Enterprise Value/Revenue (TTM)	0.62
Price/Book (MRQ)	0.27	.	Enterprise Value/EBITDA (TTM)	27.08
Market Cap as of 27-Jul-20111	10.3	.
1-ExchangeRate: JPY to USD on 27-Jul-2011	77.965000
2-ExchangeRate: JPY to USD on 31-Mar-2011	82.880000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Financial Strength
Current Ratio	1.52	1.58	1.70	1.68	1.60
Quick/Acid Test Ratio	0.73	0.76	0.64	0.67	0.70
Working Capital1	21.4	22.6	29.0	30.7	28.2
Long Term Debt/Equity	0.31	0.53	0.35	0.40	0.05
Total Debt/Equity	1.31	1.65	1.32	1.45	1.31
Long Term Debt/Total Capital	0.13	0.20	0.15	0.17	0.02
Total Debt/Total Capital	0.57	0.62	0.57	0.59	0.57
Payout Ratio	33.81%	-2.63%	103.45%	168.72%	49.57%
Effective Tax Rate	3.39%	-	4.51%	77.36%	6.74%
Total Capital1	82.1	80.6	87.5	91.6	74.2
Efficiency
Asset Turnover	0.80	0.80	0.81	0.85	1.04
Inventory Turnover	1.80	1.77	1.41	1.42	1.64
Days In Inventory	202.54	206.73	259.12	256.22	222.77
Receivables Turnover	3.30	3.38	3.36	3.06	3.34
Days Receivables Outstanding	110.61	107.94	108.63	119.25	109.26
Revenue/Employee2	932,695	877,532	717,939	708,631	683,810
Operating Income/Employee2	15,220	-82,145	6,072	-556	5,988
EBITDA/Employee2	21,492	-76,470	10,544	3,829	7,748
Profitability
Gross Margin	20.92%	11.04%	24.05%	23.67%	23.59%
Operating Margin	1.63%	-9.36%	0.85%	-0.08%	0.88%
EBITDA Margin	2.30%	-8.71%	1.47%	0.54%	1.13%
EBIT Margin	1.63%	-9.36%	0.85%	-0.08%	0.88%
Pretax Margin	2.16%	-9.88%	0.56%	1.36%	0.90%
Net Profit Margin	2.09%	-11.93%	0.54%	0.31%	0.84%
COGS/Revenue	79.08%	88.96%	75.95%	76.33%	76.41%
SG&A Expense/Revenue	18.76%	20.30%	23.21%	22.74%	22.60%
Management Effectiveness
Return on Assets	1.68%	-9.54%	0.44%	0.26%	0.88%
Return on Equity	4.52%	-25.66%	1.15%	0.70%	2.40%
Valuation
Free Cash Flow/Share2	2.00	1.12	1.30	0.89	0.86
Operating Cash Flow/Share 2	2.01	1.13	1.32	1.80	0.93
1-ExchangeRate: JPY to USD Period End Date	82.88	93.44	98.77	99.535	118.075
2-ExchangeRate: JPY to USD Average for Period	82.88	93.44	98.77	99.535	118.075

Current Market Multiples
Market Cap/Earnings (TTM)	6.16
Market Cap/Equity (MRQ)	0.27
Market Cap/Revenue (TTM)	0.13
Market Cap/EBIT (TTM)	4.10
Market Cap/EBITDA (TTM)	3.37
Enterprise Value/Earnings (TTM)	29.87
Enterprise Value/Equity (MRQ)	1.33
Enterprise Value/Revenue (TTM)	0.62
Enterprise Value/EBIT (TTM)	19.85
Enterprise Value/EBITDA (TTM)	16.35

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	73.1	75.9	79.0	74.7	91.8
Revenue	73.1	75.9	79.0	74.7	91.8
Total Revenue	73.1	75.9	79.0	74.7	91.8
Cost of Revenue	57.8	67.5	60.0	57.0	70.2
Cost of Revenue, Total	57.8	67.5	60.0	57.0	70.2
Gross Profit	15.3	8.4	19.0	17.7	21.7
Selling/General/Administrative Expense	7.9	9.2	10.9	10.0	12.7
Labor & Related Expense	5.8	6.2	7.4	6.9	8.0
Total Selling/General/Administrative Expenses	13.7	15.4	18.3	17.0	20.8
Depreciation	0.1	0.1	0.1	0.1	0.1
Depreciation/Amortization	0.1	0.1	0.1	0.1	0.1
Litigation	0.1	0.2	0.0	-	-
Impairment-Assets Held for Use	0.2	0.0	0.1	0.0	0.0
Impairment-Assets Held for Sale	0.0	0.0	0.0	0.2	0.0
Other Unusual Expense (Income)	0.0	-0.3	-0.2	0.4	0.0
Unusual Expense (Income)	0.3	0.0	-0.1	0.6	0.0
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	71.9	83.0	78.4	74.7	91.0
Operating Income	1.2	-7.1	0.7	-0.1	0.8
Interest Expense - Non-Operating	-1.1	-1.1	-1.2	-1.1	-0.6
Interest Expense, Net Non-Operating	-1.1	-1.1	-1.2	-1.1	-0.6
Interest Income - Non-Operating	0.1	0.1	0.1	0.1	0.0
Investment Income - Non-Operating	0.0	0.1	0.0	0.1	0.2
Interest/Investment Income - Non-Operating	0.1	0.1	0.1	0.2	0.2
Interest Income (Expense) - Net Non-Operating Total	-1.1	-1.0	-1.0	-0.9	-0.4
Gain (Loss) on Sale of Assets	1.1	0.0	0.0	1.2	-0.1
Other Non-Operating Income (Expense)	0.4	0.6	0.8	0.8	0.5
Other, Net	0.4	0.6	0.8	0.8	0.5
Income Before Tax	1.6	-7.5	0.4	1.0	0.8
Total Income Tax	0.1	1.6	0.0	0.8	0.1
Income After Tax	1.5	-9.1	0.4	0.2	0.8
Net Income Before Extraord Items	1.5	-9.1	0.4	0.2	0.8
Net Income	1.5	-9.1	0.4	0.2	0.8
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	-
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	-
Income Available to Common Excl Extraord Items	1.5	-9.1	0.4	0.2	0.8
Income Available to Common Incl Extraord Items	1.5	-9.1	0.4	0.2	0.8
Basic/Primary Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Basic EPS Excl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Basic/Primary EPS Incl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.5	-9.1	0.4	0.2	0.8
Diluted Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Diluted EPS Excl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Diluted EPS Incl Extraord Items	0.35	-2.05	0.10	0.05	0.17
Dividends per Share - Common Stock Primary Issue	0.12	0.05	0.10	0.09	0.09
Gross Dividends - Common Stock	0.5	0.2	0.4	0.4	0.4
Interest Expense, Supplemental	1.1	1.1	1.2	1.1	0.6
Depreciation, Supplemental	0.5	0.5	0.5	0.5	0.2
Total Special Items	-0.8	0.0	-0.1	-0.6	0.1
Normalized Income Before Tax	0.7	-7.5	0.3	0.4	0.9
Effect of Special Items on Income Taxes	0.0	0.0	0.0	-0.2	0.0
Inc Tax Ex Impact of Sp Items	0.0	1.6	0.0	0.6	0.1
Normalized Income After Tax	0.7	-9.1	0.3	-0.1	0.8
Normalized Inc. Avail to Com.	0.7	-9.1	0.3	-0.1	0.8
Basic Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Diluted Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Advertising Expense, Supplemental	3.9	4.0	-	-	-
Reported Operating Profit	1.5	-7.1	0.6	0.5	0.8
Reported Ordinary Profit	0.7	-7.5	0.3	0.4	0.9
Normalized EBIT	1.5	-7.1	0.6	0.5	0.8
Normalized EBITDA	2.0	-6.6	1.1	1.0	1.0
Transition Costs - Domestic	-	0.0	0.0	0.0	0.0
Other Pension, Net - Domestic	-	0.3	0.4	0.2	0.5
Domestic Pension Plan Expense	-	0.4	0.4	0.2	0.5
Total Pension Expense	-	0.4	0.4	0.2	0.5
Total Plan Other Expense	-	0.3	0.4	0.2	0.5

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	3 Months	3 Months	3 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.241044	82.567473	85.838925	92.080323	90.324863
Net Sales	17.2	17.0	23.0	15.9	36.2
Revenue	17.2	17.0	23.0	15.9	36.2
Total Revenue	17.2	17.0	23.0	15.9	36.2
Cost of Revenue	13.8	13.5	17.7	12.7	36.7
Cost of Revenue, Total	13.8	13.5	17.7	12.7	36.7
Gross Profit	3.4	3.5	5.2	3.2	-0.5
Selling/General/Administrative Expense	0.9	1.1	1.1	0.9	3.0
Labor & Related Expense	1.5	1.6	1.4	1.4	3.0
Advertising Expense	0.9	0.7	1.9	0.4	1.7
Total Selling/General/Administrative Expenses	3.3	3.4	4.4	2.6	7.7
Depreciation	0.0	0.0	0.0	0.0	0.1
Depreciation/Amortization	0.0	0.0	0.0	0.0	0.1
Litigation	0.1	0.0	0.1	-	0.0
Impairment-Assets Held for Use	0.0	0.0	0.2	-	0.0
Impairment-Assets Held for Sale	-	0.0	0.0	-	0.0
Other Unusual Expense (Income)	-1.2	0.0	0.0	-0.1	0.2
Unusual Expense (Income)	-1.2	0.0	0.3	-0.1	0.2
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	16.0	17.0	22.6	15.3	44.6
Operating Income	1.3	0.0	0.4	0.6	-8.5
Interest Expense - Non-Operating	-0.3	-0.3	-0.3	-0.3	-0.6
Interest Expense, Net Non-Operating	-0.3	-0.3	-0.3	-0.3	-0.6
Interest Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Investment Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Interest/Investment Income - Non-Operating	0.0	0.0	0.0	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	-0.2	-0.3	-0.3	-0.3	-0.5
Other Non-Operating Income (Expense)	0.2	0.1	-0.2	0.1	0.5
Other, Net	0.2	0.1	-0.2	0.1	0.5
Income Before Tax	1.3	-0.1	0.0	0.5	-8.5
Total Income Tax	0.0	0.0	0.0	0.0	1.2
Income After Tax	1.2	-0.1	0.0	0.5	-9.7
Net Income Before Extraord Items	1.2	-0.1	0.0	0.5	-9.7
Net Income	1.2	-0.1	0.0	0.5	-9.7
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	1.2	-0.1	0.0	0.5	-9.7
Income Available to Common Incl Extraord Items	1.2	-0.1	0.0	0.5	-9.7
Basic/Primary Weighted Average Shares	4.4	4.4	4.4	4.4	4.4
Basic EPS Excl Extraord Items	0.27	-0.03	0.00	0.10	-2.20
Basic/Primary EPS Incl Extraord Items	0.27	-0.03	0.00	0.10	-2.20
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.2	-0.1	0.0	0.5	-9.7
Diluted Weighted Average Shares	4.4	4.4	4.4	4.4	4.4
Diluted EPS Excl Extraord Items	0.27	-0.03	0.00	0.10	-2.20
Diluted EPS Incl Extraord Items	0.27	-0.03	0.00	0.10	-2.20
Dividends per Share - Common Stock Primary Issue	0.06	0.00	0.06	0.00	0.00
Gross Dividends - Common Stock	0.3	0.0	0.3	0.0	0.0
Interest Expense, Supplemental	0.3	0.3	0.3	0.3	0.6
Depreciation, Supplemental	0.1	0.1	0.1	0.1	0.3
Total Special Items	-1.2	0.0	0.3	-0.1	0.2
Normalized Income Before Tax	0.1	-0.1	0.3	0.4	-8.4
Effect of Special Items on Income Taxes	0.0	0.0	0.1	0.0	0.1
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.1	0.0	1.3
Normalized Income After Tax	0.1	-0.1	0.2	0.4	-9.6
Normalized Inc. Avail to Com.	0.1	-0.1	0.2	0.4	-9.6
Basic Normalized EPS	0.02	-0.03	0.05	0.09	-2.17
Diluted Normalized EPS	0.02	-0.03	0.05	0.09	-2.17
Advertising Expense, Supplemental	0.9	0.7	1.9	0.4	1.7
Reported Operating Profit	0.1	0.0	0.8	0.5	-8.3
Reported Ordinary Profit	0.1	-0.1	0.3	0.4	-8.3
Normalized EBIT	0.1	0.0	0.8	0.5	-8.3
Normalized EBITDA	0.2	0.2	0.9	0.7	-8.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	9.1	7.6	5.1	4.0	7.8
Cash and Short Term Investments	9.1	7.6	5.1	4.0	7.8
Accounts Receivable - Trade, Gross	12.7	13.6	12.1	11.6	12.0
Provision for Doubtful Accounts	-1.6	-1.4	-0.6	-0.3	-0.5
Trade Accounts Receivable - Net	11.1	12.2	11.6	11.3	11.5
Notes Receivable - Short Term	9.7	9.9	9.1	13.2	13.5
Other Receivables	0.1	0.1	0.6	1.8	0.0
Total Receivables, Net	20.9	22.1	21.3	26.3	25.0
Inventories - Finished Goods	31.4	31.0	42.7	43.7	40.6
Total Inventory	31.4	31.0	42.7	43.7	40.6
Prepaid Expenses	0.3	0.4	0.4	0.5	0.4
Deferred Income Tax - Current Asset	-	0.0	0.4	0.7	0.8
Other Current Assets	0.7	0.6	0.4	0.7	0.7
Other Current Assets, Total	0.7	0.6	0.8	1.3	1.5
Total Current Assets	62.5	61.6	70.3	75.8	75.4
Buildings	1.8	1.6	1.5	1.5	1.6
Land/Improvements	3.1	2.8	2.6	2.6	2.2
Machinery/Equipment	0.6	0.6	0.6	0.6	0.6
Property/Plant/Equipment - Gross	5.6	5.0	4.8	4.7	4.4
Accumulated Depreciation	-0.8	-0.7	-0.6	-0.5	-1.4
Property/Plant/Equipment - Net	4.8	4.3	4.2	4.2	3.0
Intangibles, Net	0.1	0.2	0.3	0.3	0.4
LT Investment - Affiliate Companies	0.6	0.8	0.7	0.2	0.2
LT Investments - Other	20.6	19.3	18.4	18.6	2.4
Long Term Investments	21.2	20.0	19.1	18.8	2.6
Note Receivable - Long Term	1.3	1.8	1.8	0.7	1.0
Deferred Income Tax - Long Term Asset	-	0.0	1.0	0.9	1.2
Other Long Term Assets	0.1	-0.6	-0.7	0.6	0.9
Other Long Term Assets, Total	0.1	-0.6	0.3	1.5	2.0
Total Assets	89.9	87.3	96.0	101.3	84.3
Accounts Payable	4.0	3.4	3.2	3.6	4.4
Accrued Expenses	0.4	0.4	0.6	0.6	1.1
Notes Payable/Short Term Debt	28.2	30.7	33.7	36.5	39.7
Current Portion - Long Term Debt/Capital Leases	7.4	3.4	2.8	2.6	0.7
Customer Advances	0.1	0.1	0.1	0.1	0.0
Security Deposits	0.1	0.1	0.1	0.1	0.3
Income Taxes Payable	0.1	0.0	0.2	0.0	0.1
Other Payables	0.8	0.7	0.5	0.7	0.7
Other Current Liabilities	0.1	0.1	0.1	0.7	0.1
Other Current liabilities, Total	1.2	1.0	1.0	1.8	1.2
Total Current Liabilities	41.1	38.9	41.3	45.1	47.2
Long Term Debt	11.0	16.1	13.3	15.2	1.7
Total Long Term Debt	11.0	16.1	13.3	15.2	1.7
Total Debt	46.6	50.2	49.8	54.2	42.1
Pension Benefits - Underfunded	0.7	0.5	0.6	0.4	2.7
Other Long Term Liabilities	1.5	1.3	3.1	3.3	0.7
Other Liabilities, Total	2.2	1.8	3.7	3.7	3.4
Total Liabilities	54.4	56.9	58.3	63.9	52.2
Common Stock	7.7	6.8	6.4	6.4	5.4
Common Stock	7.7	6.8	6.4	6.4	5.4
Additional Paid-In Capital	6.1	5.4	5.1	5.1	4.3
Retained Earnings (Accumulated Deficit)	22.2	18.5	26.5	26.3	22.3
Treasury Stock - Common	-0.3	-0.3	-0.3	-0.3	0.0
Unrealized Gain (Loss)	0.0	-0.1	-0.1	-0.1	0.1
Total Equity	35.6	30.4	37.7	37.4	32.0
Total Liabilities & Shareholders’ Equity	89.9	87.3	96.0	101.3	84.3
Shares Outstanding - Common Stock Primary Issue	4.4	4.4	4.4	4.4	4.5
Total Common Shares Outstanding	4.4	4.4	4.4	4.4	4.5
Treasury Shares - Common Stock Primary Issue	0.1	0.1	0.1	0.1	0.0
Employees	81	86	112	121	133
Number of Common Shareholders	267	251	264	262	268
Deferred Revenue - Current	0.1	0.1	0.1	0.1	0.0
Total Long Term Debt, Supplemental	-	19.5	23.8	17.7	2.4
Long Term Debt Maturing within 1 Year	-	3.4	10.1	2.6	0.7
Long Term Debt Maturing in Year 2	-	6.9	2.3	2.3	0.6
Long Term Debt Maturing in Year 3	-	7.0	5.4	1.6	0.8
Long Term Debt Maturing in Year 4	-	0.8	5.8	1.5	0.2
Long Term Debt Maturing in Year 5	-	0.5	0.0	9.8	0.0
Long Term Debt Maturing in 2-3 Years	-	13.9	7.7	3.9	1.4
Long Term Debt Maturing in 4-5 Years	-	1.4	5.8	11.3	0.2
Long Term Debt Matur. in Year 6 & Beyond	-	0.9	0.2	0.0	0.0
Pension Obligation - Domestic	-	1.3	1.4	1.4	1.4
Plan Assets - Domestic	-	0.7	0.7	0.8	0.8
Funded Status - Domestic	-	-0.6	-0.7	-0.5	-0.6
Total Funded Status	-	-0.6	-0.7	-0.5	-0.6
Accrued Liabilities - Domestic	-	-0.5	-0.6	-0.4	-0.4
Other Assets, Net - Domestic	-	0.1	0.1	0.1	0.1
Net Assets Recognized on Balance Sheet	-	-0.4	-0.4	-0.2	-0.3
Total Plan Obligations	-	1.3	1.4	1.4	1.4
Total Plan Assets	-	0.7	0.7	0.8	0.8

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	81.105	83.54	88.49	93.44
Cash & Equivalents	9.1	8.4	7.8	7.2	7.6
Cash and Short Term Investments	9.1	8.4	7.8	7.2	7.6
Accounts Receivable - Trade, Gross	22.4	26.8	26.8	23.8	23.5
Provision for Doubtful Accounts	-1.6	-1.9	-1.7	-1.5	-1.4
Trade Accounts Receivable - Net	20.8	24.9	25.1	22.3	22.0
Total Receivables, Net	20.8	24.9	25.1	22.3	22.0
Inventories - Finished Goods	31.4	34.8	34.5	34.6	31.0
Total Inventory	31.4	34.8	34.5	34.6	31.0
Other Current Assets	1.2	1.5	0.9	0.9	1.0
Other Current Assets, Total	1.2	1.5	0.9	0.9	1.0
Total Current Assets	62.5	69.5	68.3	65.0	61.6
Property/Plant/Equipment - Gross	5.6	5.7	5.6	5.3	5.0
Accumulated Depreciation	-0.8	-0.8	-0.9	-0.8	-0.7
Property/Plant/Equipment - Net	4.8	4.9	4.8	4.5	4.3
Intangibles, Net	0.1	0.1	0.1	0.1	0.2
LT Investments - Other	19.6	20.9	20.4	19.4	18.4
Long Term Investments	19.6	20.9	20.4	19.4	18.4
Other Long Term Assets	3.0	3.0	2.9	3.0	2.8
Other Long Term Assets, Total	3.0	3.0	2.9	3.0	2.8
Total Assets	89.9	98.5	96.5	92.0	87.3
Accounts Payable	4.0	4.8	5.1	4.6	3.4
Notes Payable/Short Term Debt	28.2	35.5	34.7	34.6	30.7
Current Portion - Long Term Debt/Capital Leases	7.4	-	-	-	3.4
Income Taxes Payable	0.1	0.0	0.0	0.0	0.0
Other Current Liabilities	1.5	2.4	2.3	1.8	1.4
Other Current liabilities, Total	1.6	2.5	2.3	1.8	1.5
Total Current Liabilities	41.1	42.8	42.2	41.0	38.9
Long Term Debt	11.0	18.3	17.7	16.4	16.1
Total Long Term Debt	11.0	18.3	17.7	16.4	16.1
Total Debt	46.6	53.8	52.4	51.1	50.2
Pension Benefits - Underfunded	0.7	0.7	0.6	0.6	0.5
Other Long Term Liabilities	1.5	1.5	1.5	1.4	1.3
Other Liabilities, Total	2.2	2.3	2.1	2.0	1.8
Total Liabilities	54.4	63.3	62.0	59.5	56.9
Common Stock	7.7	7.8	7.6	7.2	6.8
Common Stock	7.7	7.8	7.6	7.2	6.8
Additional Paid-In Capital	6.1	6.2	6.0	5.7	5.4
Retained Earnings (Accumulated Deficit)	22.2	21.4	21.2	20.0	18.5
Treasury Stock - Common	-0.3	-0.3	-0.3	-0.3	-0.3
Unrealized Gain (Loss)	0.0	-0.1	-0.1	-0.1	-0.1
Total Equity	35.6	35.1	34.4	32.5	30.4
Total Liabilities & Shareholders’ Equity	89.9	98.5	96.5	92.0	87.3
Shares Outstanding - Common Stock Primary Issue	4.4	4.4	4.4	4.4	4.4
Total Common Shares Outstanding	4.4	4.4	4.4	4.4	4.4
Treasury Shares - Common Stock Primary Issue	0.1	0.1	0.1	0.1	0.1
Employees	81	84	84	84	86

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	1.6	-7.5	0.4	1.0	0.8
Depreciation	0.5	0.5	0.5	0.5	0.2
Depreciation/Depletion	0.5	0.5	0.5	0.5	0.2
Unusual Items	-1.1	0.0	0.0	-1.0	0.0
Other Non-Cash Items	0.3	1.6	2.2	-1.5	0.3
Non-Cash Items	-0.8	1.6	2.3	-2.5	0.3
Accounts Receivable	3.9	-0.7	3.2	4.4	4.3
Inventories	3.4	14.2	1.4	3.9	3.6
Accounts Payable	0.2	-1.7	-0.7	0.9	-5.3
Accrued Expenses	0.0	-0.1	-0.2	-0.3	0.2
Taxes Payable	-0.1	-0.2	0.2	-0.4	0.3
Other Liabilities	0.0	0.0	0.0	-0.2	0.1
Other Operating Cash Flow	-0.1	-1.2	-1.3	-0.5	-0.3
Changes in Working Capital	7.3	10.4	2.5	7.9	2.9
Cash from Operating Activities	8.6	5.0	5.7	6.9	4.2
Purchase of Fixed Assets	0.0	0.0	-0.1	-3.5	-0.2
Purchase/Acquisition of Intangibles	-	0.0	0.0	0.0	-0.1
Capital Expenditures	0.0	0.0	-0.1	-3.5	-0.3
Sale of Fixed Assets	0.0	0.0	0.0	2.3	0.2
Sale/Maturity of Investment	2.6	0.8	0.7	1.7	1.0
Purchase of Investments	-1.1	-0.8	-1.2	-14.4	-0.5
Other Investing Cash Flow	0.2	0.3	1.3	-0.8	-0.6
Other Investing Cash Flow Items, Total	1.6	0.3	0.8	-11.2	0.1
Cash from Investing Activities	1.6	0.3	0.7	-14.7	-0.3
Other Financing Cash Flow	0.0	0.0	0.0	-	-
Financing Cash Flow Items	0.0	0.0	0.0	-	-
Cash Dividends Paid - Common	-0.3	-0.5	-0.4	-0.4	-0.4
Total Cash Dividends Paid	-0.3	-0.5	-0.4	-0.4	-0.4
Repurchase/Retirement of Common	-	-	0.0	-0.2	0.0
Common Stock, Net	-	-	0.0	-0.2	0.0
Issuance (Retirement) of Stock, Net	-	-	0.0	-0.2	0.0
Short Term Debt Issued	27.5	31.3	33.2	31.8	40.1
Short Term Debt Reduction	-33.7	-36.3	-36.1	-41.0	-41.0
Short Term Debt, Net	-6.2	-5.0	-3.0	-9.3	-0.9
Long Term Debt Issued	3.5	5.9	1.0	15.4	0.0
Long Term Debt Reduction	-7.0	-3.5	-2.8	-2.4	-0.8
Long Term Debt, Net	-3.5	2.5	-1.8	13.0	-0.8
Issuance (Retirement) of Debt, Net	-9.7	-2.5	-4.7	3.7	-1.6
Cash from Financing Activities	-10.0	-3.0	-5.2	3.1	-2.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	0.2	2.3	1.3	-4.7	2.0
Net Cash - Beginning Balance	7.5	4.6	3.0	7.4	5.2
Net Cash - Ending Balance	7.7	6.9	4.3	2.7	7.2
Cash Interest Paid	1.1	1.1	1.2	1.1	0.6
Cash Taxes Paid	0.0	0.2	-0.3	0.2	0.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	86.812446	88.962162	92.080323	92.941082
Net Income/Starting Line	1.6	0.4	0.5	0.5	-7.5
Depreciation	0.5	0.4	0.2	0.1	0.5
Depreciation/Depletion	0.5	0.4	0.2	0.1	0.5
Unusual Items	-1.1	0.0	-	-	0.0
Other Non-Cash Items	0.3	0.4	0.0	-0.3	1.6
Non-Cash Items	-0.8	0.4	0.0	-0.3	1.6
Accounts Receivable	3.9	0.2	-0.5	1.0	-0.7
Inventories	3.4	0.8	0.2	-1.9	14.2
Accounts Payable	0.2	0.8	1.2	0.9	-1.7
Accrued Expenses	0.0	-	-	-	-0.1
Taxes Payable	-0.1	-	-	-	-0.2
Other Liabilities	0.0	-	-	-	0.0
Other Operating Cash Flow	-0.1	-0.2	0.3	0.1	-1.2
Changes in Working Capital	7.3	1.7	1.3	0.1	10.4
Cash from Operating Activities	8.6	2.8	2.0	0.4	5.0
Purchase of Fixed Assets	0.0	0.0	-	-	0.0
Purchase/Acquisition of Intangibles	-	-	-	-	0.0
Capital Expenditures	0.0	0.0	-	-	0.0
Sale of Fixed Assets	0.0	-	-	-	0.0
Sale/Maturity of Investment	2.6	0.4	0.3	0.3	0.8
Purchase of Investments	-1.1	-0.5	-0.3	-0.1	-0.8
Other Investing Cash Flow	0.2	0.3	0.3	0.0	0.3
Other Investing Cash Flow Items, Total	1.6	0.2	0.3	0.2	0.3
Cash from Investing Activities	1.6	0.2	0.3	0.2	0.3
Other Financing Cash Flow	0.0	0.0	0.0	-	0.0
Financing Cash Flow Items	0.0	0.0	0.0	-	0.0
Cash Dividends Paid - Common	-0.3	-0.2	0.0	0.0	-0.5
Total Cash Dividends Paid	-0.3	-0.2	0.0	0.0	-0.5
Short Term Debt Issued	27.5	28.9	26.0	27.2	31.3
Short Term Debt Reduction	-33.7	-32.3	-28.8	-27.6	-36.3
Short Term Debt, Net	-6.2	-3.3	-2.9	-0.4	-5.0
Long Term Debt Issued	3.5	3.5	2.2	-	5.9
Long Term Debt Reduction	-7.0	-3.2	-2.2	-0.8	-3.5
Long Term Debt, Net	-3.5	0.3	0.0	-0.8	2.5
Issuance (Retirement) of Debt, Net	-9.7	-3.1	-2.8	-1.2	-2.5
Cash from Financing Activities	-10.0	-3.3	-2.8	-1.2	-3.0
Foreign Exchange Effects	0.0	-	-	-	0.0
Net Change in Cash	0.2	-0.3	-0.6	-0.7	2.3
Net Cash - Beginning Balance	7.5	7.4	7.2	7.0	4.6
Net Cash - Ending Balance	7.7	7.1	6.6	6.3	6.9
Cash Interest Paid	1.1	0.9	0.6	0.3	1.1
Cash Taxes Paid	0.0	0.0	0.0	0.0	0.2

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net sales	73.1	75.9	79.0	74.7	91.8
Total Revenue	73.1	75.9	79.0	74.7	91.8
Cost of Sales	57.8	67.5	60.0	57.0	70.2
Reversal of reserve for returns	0.0	-0.1	-0.1	0.0	-0.1
Provision for reserve for returns	0.0	0.0	0.1	0.1	0.0
Selling Expenses	3.9	4.0	5.0	4.9	6.1
Traveling expense	1.6	1.7	2.0	2.2	2.5
Director's remuneration	0.6	0.5	0.7	0.7	0.6
Payrolls	4.0	4.3	5.0	4.6	5.2
Bonuses	0.4	0.3	0.5	0.7	0.8
Welfare expenses	0.6	0.7	0.8	0.7	0.8
Periodic retirement benefit costs	0.2	0.4	0.4	0.2	0.5
Reserve for officers retirement	-	-	-	0.0	0.2
Taxes, other than income taxes	0.1	0.0	0.1	0.1	0.1
Depreciation	0.1	0.1	0.1	0.1	0.1
Provision for doubtful accounts(SGA)	0.0	0.9	1.0	0.0	0.3
Other SGA expense	2.3	2.5	2.9	3.0	3.7
SP Insuance income	-	0.0	-0.3	0.0	-
SP Rev. of guarantee deposit	-	-	-	0.0	0.0
SP Rev Insurance cancellation income(SP)	0.0	0.0	0.0	0.0	0.0
SP Reversal G LT payable	0.0	-0.3	0.0	-	-
SP L. on retire. of fixed assets	0.2	0.0	0.1	0.0	0.0
SP L on val. of LT inv't. secs.	0.0	0.0	0.0	0.2	0.0
SP Allowance for doubtful accounts	-	-	0.0	0.2	0.0
SP Stolen goods losses	-	-	0.0	0.3	0.0
SP L on cancellation of insurance	-	0.0	0.0	0.0	-
SP L on val. of goods	-	-	-	-	0.0
SP Assets impairment losses	-	-	-	-	0.0
SP Litigation settlement	0.1	0.1	0.0	-	-
SP Prov. of reserve for loss on litigat	0.0	0.1	0.0	-	-
Total Operating Expense	71.9	83.0	78.4	74.7	91.0
SP G on sale of fixed assets	-	-	0.0	1.6	0.0
SP G on sale of real estate	1.1	0.0	-	-	-
SP G on sale of LT inv't. secs.(SP)	0.0	0.0	0.0	-	-
SP L on sale of memberships	0.0	0.0	0.0	-	-
SP L on sale of fixed assets	-	0.0	0.0	-0.4	0.0
SP L on disp. of goods	-	-	-	-	0.0
NOP Interest income	0.1	0.1	0.1	0.1	0.0
NOP Dividends received	0.0	0.0	0.0	0.0	0.0
NOP Rental income	1.7	1.8	1.8	1.6	0.6
NOP Foreign exchange gains	0.0	0.0	0.0	0.1	0.1
NOP Commission income	-	-	-	0.0	0.1
NOP Employee lease income	-	-	0.0	0.0	0.1
NOP Other non-operating income	0.1	0.1	0.1	0.1	0.1
NOP Interest expenses	-1.1	-1.1	-1.2	-1.1	-0.6
NOP Interests on bonds	0.0	0.0	0.0	0.0	0.0
NOP Bond issue expenses	0.0	-0.1	0.0	-	-
NOP Amort. bond issuance expenses	-	-	-	-	0.0
NOP Commission paid	-0.2	-0.2	-0.2	-0.2	-0.2
NOP Sales discount expenses	0.0	-0.1	-0.1	-0.1	-0.1
NOP Rental expenses	-0.9	-0.8	-0.8	-0.6	-0.1
NOP L on sale of trade notes rcvbl.	-	0.0	0.0	0.0	0.0
NOP Loss on bad debts	-	-	-	-	0.0
NOP Provision for doubtful accounts	-	-	-	0.0	0.0
NOP Other non-operating expenses	-0.3	-0.2	0.0	0.0	0.0
Net Income Before Taxes	1.6	-7.5	0.4	1.0	0.8
Provision for Income Taxes	0.1	1.6	0.0	0.8	0.1
Net Income After Taxes	1.5	-9.1	0.4	0.2	0.8
Net Income Before Extra. Items	1.5	-9.1	0.4	0.2	0.8
Net Income	1.5	-9.1	0.4	0.2	0.8
Adjustment to math with reported net inc	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	1.5	-9.1	0.4	0.2	0.8
Income Available to Com Incl ExtraOrd	1.5	-9.1	0.4	0.2	0.8
Basic Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Basic EPS Excluding ExtraOrdinary Items	0.35	-2.05	0.10	0.05	0.17
Basic EPS Including ExtraOrdinary Items	0.35	-2.05	0.10	0.05	0.17
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.5	-9.1	0.4	0.2	0.8
Diluted Weighted Average Shares	4.4	4.4	4.4	4.4	4.5
Diluted EPS Excluding ExtraOrd Items	0.35	-2.05	0.10	0.05	0.17
Diluted EPS Including ExtraOrd Items	0.35	-2.05	0.10	0.05	0.17
DPS-Common Stock	0.12	0.05	0.10	0.09	0.09
Gross Dividends - Common Stock	0.5	0.2	0.4	0.4	0.4
Normalized Income Before Taxes	0.7	-7.5	0.3	0.4	0.9
Inc Tax Ex Impact of Sp Items	0.0	1.6	0.0	0.6	0.1
Normalized Income After Taxes	0.7	-9.1	0.3	-0.1	0.8
Normalized Inc. Avail to Com.	0.7	-9.1	0.3	-0.1	0.8
Basic Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Diluted Normalized EPS	0.16	-2.05	0.07	-0.03	0.18
Sales promotion	3.9	4.0	-	-	-
Interest expenses	1.1	1.1	1.2	1.1	0.6
Interests on bonds	0.0	0.0	0.0	0.0	0.0
Depreciation expense	0.5	0.5	0.5	0.5	0.2
Reported Operating Profit	1.5	-7.1	0.6	0.5	0.8
Reported Ordinary Profit	0.7	-7.5	0.3	0.4	0.9
Recognized Pension Plan Cost	-	0.3	0.4	0.2	0.5
Pension Exp. due to Acct. Changes	-	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	-	0.4	0.4	0.2	0.5
Total Pension Expense	-	0.4	0.4	0.2	0.5

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	3 Months	3 Months	3 Months	6 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.241044	82.567473	85.838925	92.080323	90.324863
Net sales	17.2	17.0	23.0	15.9	36.2
Total Revenue	17.2	17.0	23.0	15.9	36.2
Cost of Sales	13.8	13.5	17.7	12.7	36.7
Reversal of reserve for returns	-	0.0	0.0	0.0	0.0
Provision for reserve for returns	0.0	-	0.0	0.0	-
Sales promotion	0.9	0.7	1.9	0.4	1.7
Travel & transportation	0.4	0.4	0.4	0.4	0.8
Directors' remuneration	0.2	0.2	0.1	0.1	0.3
Salaries	1.0	1.0	1.0	0.9	2.1
Bonuses	0.1	0.1	0.1	0.1	0.2
Legal welfare	0.2	0.2	0.2	0.1	0.3
Periodic retirement benefit costs	0.1	0.1	0.0	0.1	0.1
Business tax expenses	0.0	0.0	0.0	0.0	-
Depreciation	0.0	0.0	0.0	0.0	0.1
Allowance for doubtful accounts	-	0.1	0.1	0.0	0.9
Other SGA	0.4	0.6	0.6	0.5	1.3
SP Rev. for allow. doubtful accounts	-	0.0	0.0	-0.1	-
SP Insurance income	-	-	-	-	0.0
SP G on cancel of insurance	-	-	-	0.0	0.0
SP G on Reversal of LT accounts payable	-	-	0.0	0.0	0.0
SP Other special gains	-1.2	-	-	-	-
SP L on retirement of fixed assets	0.0	0.0	0.2	-	0.0
SP L on val. of LT inv't secs.	-	0.0	0.0	-	0.0
SP Provision for loss on litigation	-	0.0	0.1	-	-
SP Litigation settlement	0.1	-	0.0	-	0.0
SP Other special loss	-	-	-	-	0.2
Total Operating Expense	16.0	17.0	22.6	15.3	44.6
SP G on sales of investment securities	0.0	-	0.0	-	0.0
NOP Interest income	0.0	0.0	0.0	0.0	0.0
NOP Dividends received	0.0	0.0	0.0	0.0	0.0
NOP Real estate rental income	0.4	0.4	0.4	0.4	0.9
NOP Other Income	0.0	0.0	0.0	0.0	0.1
NOP Interest expenses	-0.3	-0.3	-0.3	-0.3	-0.6
NOP Cost of real estate	-0.2	-0.2	-0.3	-0.2	-0.4
NOP Other expense	0.0	-0.1	-0.2	-0.1	-0.2
Net Income Before Taxes	1.3	-0.1	0.0	0.5	-8.5
Provision for Income Taxes	0.0	0.0	0.0	0.0	1.2
Net Income After Taxes	1.2	-0.1	0.0	0.5	-9.7
Net Income Before Extra. Items	1.2	-0.1	0.0	0.5	-9.7
Net Income	1.2	-0.1	0.0	0.5	-9.7
Adjustment to math with reported net inc	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	1.2	-0.1	0.0	0.5	-9.7
Income Available to Com Incl ExtraOrd	1.2	-0.1	0.0	0.5	-9.7
Basic Weighted Average Shares	4.4	4.4	4.4	4.4	4.4
Basic EPS Excluding ExtraOrdinary Items	0.27	-0.03	0.00	0.10	-2.20
Basic EPS Including ExtraOrdinary Items	0.27	-0.03	0.00	0.10	-2.20
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.2	-0.1	0.0	0.5	-9.7
Diluted Weighted Average Shares	4.4	4.4	4.4	4.4	4.4
Diluted EPS Excluding ExtraOrd Items	0.27	-0.03	0.00	0.10	-2.20
Diluted EPS Including ExtraOrd Items	0.27	-0.03	0.00	0.10	-2.20
DPS-Common Stock	0.06	0.00	0.06	0.00	0.00
Gross Dividends - Common Stock	0.3	0.0	0.3	0.0	0.0
Normalized Income Before Taxes	0.1	-0.1	0.3	0.4	-8.4
Inc Tax Ex Impact of Sp Items	0.0	0.0	0.1	0.0	1.3
Normalized Income After Taxes	0.1	-0.1	0.2	0.4	-9.6
Normalized Inc. Avail to Com.	0.1	-0.1	0.2	0.4	-9.6
Basic Normalized EPS	0.02	-0.03	0.05	0.09	-2.17
Diluted Normalized EPS	0.02	-0.03	0.05	0.09	-2.17
Interest expenses	0.3	0.3	0.3	0.3	0.6
Sales promotion	0.9	0.7	1.9	0.4	1.7
Depreciation expense	0.1	0.1	0.1	0.1	0.3
Operating income	0.1	0.0	0.8	0.5	-8.3
Ordinary income	0.1	-0.1	0.3	0.4	-8.3

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	93.44	98.77	99.535	118.075
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & deposits	9.1	7.6	5.1	4.0	7.8
Notes receivable, gross	9.7	9.9	9.1	13.2	13.5
Accounts receivable, gross	12.7	13.6	12.1	11.6	12.0
Inventories - merchandise	31.4	31.0	42.7	43.7	40.6
Advance payments	0.0	0.1	0.1	0.1	0.1
Prepaid expenses	0.3	0.3	0.3	0.3	0.3
Income tax receivable	0.0	0.1	0.0	0.0	0.0
Deferred income taxes	-	0.0	0.4	0.7	0.8
ST Loans	0.1	0.0	0.6	1.7	0.0
Current assets other	0.7	0.6	0.4	0.7	0.7
Allow.doubt.accounts (current)	-1.6	-1.4	-0.6	-0.3	-0.5
Total Current Assets	62.5	61.6	70.3	75.8	75.4
Buildings gross	1.8	1.6	1.5	1.5	1.6
Depreciation-Buildings	-0.3	-0.2	-0.1	-0.1	-
Vehicles, gross	0.6	0.5	0.5	0.5	0.4
Depreciation-Vehicles	-0.5	-0.4	-0.4	-0.3	-
Tools, furniture, & fixtures, gross	0.1	0.1	0.1	0.1	0.2
Depreciation-Tools, furniture, & fixture	0.0	-0.1	-0.1	-0.1	-
Land	3.1	2.8	2.6	2.6	2.2
Total accumulated depr.	-	-	-	-	-1.4
Software accounts rights	0.0	0.1	0.2	0.3	0.3
Telephone subscription rights	0.0	0.0	0.0	0.0	0.0
Trademarks	0.0	0.0	0.0	0.0	-
Long-term investment in securities	1.0	0.8	0.7	0.7	0.8
Equity secs.-nonconsolidated affil.	0.6	0.8	0.7	0.2	0.2
Investment in closely-held capital	0.1	0.1	0.1	0.1	0.1
Long-term loans	0.0	0.9	0.5	0.0	0.3
Long-term loans, employees	0.2	0.2	0.1	0.1	0.1
Claims bankruptcy & others, net	1.1	0.7	1.3	0.6	0.6
LT prepaid expenses	0.0	0.0	0.0	0.0	0.0
Deferred inc. taxes (non-current)	-	0.0	1.0	0.9	1.2
Properties investment gross	20.8	19.7	18.6	18.5	2.2
Accumulated depreciation	-1.3	-1.3	-1.0	-0.7	-0.7
Other assets	0.5	0.4	0.5	1.1	1.1
Allow.doubt.accounts (non-current)	-0.4	-1.0	-1.2	-0.5	-0.3
Adjustment	0.0	-	-	0.0	-
Total Assets	89.9	87.3	96.0	101.3	84.3
Notes payable	-	-	-	-	0.0
Trade accounts payable	4.0	3.4	3.2	3.6	4.4
Straight bonds (current)	0.7	0.7	0.8	0.7	0.6
Short-term borrowings	28.2	30.7	33.7	36.5	39.7
LT borrowings (current)	6.6	2.6	2.0	1.9	0.2
Other accounts payable	0.8	0.7	0.5	0.7	0.7
Accrued expenses	0.4	0.3	0.4	0.6	0.7
Income taxes payable	0.1	0.0	0.2	0.0	0.1
Consumption taxes payable	0.0	0.1	0.2	0.1	0.4
Advanced received on construction	0.0	0.0	0.0	0.0	0.0
Deposits received	0.1	0.1	0.1	0.1	0.3
Deferred revenue	0.1	0.1	0.1	0.1	0.0
Reserve for sales return	0.0	0.0	0.1	0.1	0.0
Reserve for loss on litigation	0.0	0.1	0.0	-	-
Other	0.1	0.0	0.0	0.7	0.0
Total Current Liabilities	41.1	38.9	41.3	45.1	47.2
Straight bonds	1.8	2.2	0.1	0.9	1.5
LT Borrowings	9.2	13.7	13.0	14.1	0.2
LT Borrowings Affiliate Company	0.0	0.2	0.2	0.2	-
Total Long Term Debt	11.0	16.1	13.3	15.2	1.7
Reserve for accrued retirement benefit	0.7	0.5	0.6	0.4	0.4
Reserve for Officers' Retirement	-	-	-	0.0	2.2
Guarantee deposits	0.5	0.4	0.5	0.6	0.7
LT Payable	1.0	0.9	2.7	2.7	0.0
Other LT Liabilities	-	-	-	-	0.0
Total Liabilities	54.4	56.9	58.3	63.9	52.2
Common stock	7.7	6.8	6.4	6.4	5.4
Additional paid-in-capital	6.1	5.4	5.1	5.1	4.3
Legal reserve	1.0	0.9	0.8	0.8	0.7
General reserve	18.1	25.7	24.3	24.1	20.3
Unappropriated retained earnings	3.1	-8.1	1.3	1.3	1.3
Reserve by val. of investment sec.	0.0	-0.1	-0.1	0.0	0.0
Deferred hedge gain/loss	0.0	0.0	0.0	0.0	0.0
Treasury stocks	-0.3	-0.3	-0.3	-0.3	0.0
Total Equity	35.6	30.4	37.7	37.4	32.0
Total Liabilities & Shareholders' Equity	89.9	87.3	96.0	101.3	84.3
S/O-Common Stock	4.4	4.4	4.4	4.4	4.5
Total Common Shares Outstanding	4.4	4.4	4.4	4.4	4.5
T/S-Common Stock	0.1	0.1	0.1	0.1	0.0
Advanced received on construction	0.0	0.0	0.0	0.0	0.0
Deferred revenue	0.1	0.1	0.1	0.1	0.0
Full-Time Employees	81	86	112	121	133
Number of Common Shareholders	267	251	264	262	268
LT debt due within 1 year	-	3.4	10.1	2.6	0.7
LT debt due from 1 to 2 year	-	6.9	2.3	2.3	0.6
LT debt due from 2 to 3 year	-	7.0	5.4	1.6	0.8
LT debt due from 3 to 4 year	-	0.8	5.8	1.5	0.2
LT debt due from 4 to 5 year	-	0.5	0.0	9.8	0.0
LT debt over 5 year	-	0.9	0.2	0.0	0.0
Total Long Term Debt, Supplemental	-	19.5	23.8	17.7	2.4
Pension Obligation	-	1.3	1.4	1.4	1.4
Fair Value of Plan Asset	-	0.7	0.7	0.8	0.8
Funded Status	-	-0.6	-0.7	-0.5	-0.6
Total Funded Status	-	-0.6	-0.7	-0.5	-0.6
Expense Unrecog. for Acct. Changes	-	0.1	0.1	0.1	0.1
Accrued Pension Benefit	-	-0.5	-0.6	-0.4	-0.4
Net Assets Recognized on Balance Sheet	-	-0.4	-0.4	-0.2	-0.3

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.88	81.105	83.54	88.49	93.44
Cash & deposits	9.1	8.4	7.8	7.2	7.6
Note & accounts receivable, gross	22.4	26.8	26.8	23.8	23.5
Merchandise	31.4	34.8	34.5	34.6	31.0
Other	1.2	1.5	0.9	0.9	1.0
Allowance for doubtful accounts	-1.6	-1.9	-1.7	-1.5	-1.4
Total Current Assets	62.5	69.5	68.3	65.0	61.6
Property, plant & equipment, gross	5.6	5.7	5.6	5.3	5.0
Depreciation	-0.8	-0.8	-0.9	-0.8	-0.7
Intangible assets	0.1	0.1	0.1	0.1	0.2
Properties investment gross	20.8	22.2	21.5	20.8	19.7
Accumulated depreciation	-1.3	-1.2	-1.1	-1.4	-1.3
Other	3.4	3.4	3.4	3.4	3.8
Allowance for doubtful accounts	-0.4	-0.4	-0.5	-0.5	-1.0
Adjustment	0.0	-	-	-	-
Total Assets	89.9	98.5	96.5	92.0	87.3
Note & accounts payable	4.0	4.8	5.1	4.6	3.4
Straight bonds (current)	0.7	-	-	-	0.7
Short-term borrowings	28.2	35.5	34.7	34.6	30.7
LT borrowings (current)	6.6	-	-	-	2.6
Income taxes payable	0.1	0.0	0.0	0.0	0.0
Provision for loss on litigation	0.0	0.3	0.3	0.1	0.0
Reserve for sales return	0.0	0.0	0.0	0.0	0.0
Other	1.5	2.1	2.0	1.7	1.4
Total Current Liabilities	41.1	42.8	42.2	41.0	38.9
Straight bonds	1.8	2.2	2.2	2.4	2.2
LT Borrowings	9.2	16.0	15.6	14.1	13.7
LT Borrowings Affiliate Company	0.0	-	-	-	0.2
Total Long Term Debt	11.0	18.3	17.7	16.4	16.1
Reserve for accrued retirement benefit	0.7	0.7	0.6	0.6	0.5
Other	1.5	1.5	1.5	1.4	1.3
Total Liabilities	54.4	63.3	62.0	59.5	56.9
Common stock	7.7	7.8	7.6	7.2	6.8
Additional paid-in-capital	6.1	6.2	6.0	5.7	5.4
Retained surplus	22.2	21.4	21.2	20.0	18.5
Treasury stocks	-0.3	-0.3	-0.3	-0.3	-0.3
Valuation difference on available-for-sa	0.0	-0.1	-0.1	-0.1	-0.1
Deferred Hedge	0.0	-	-	-	0.0
Total Equity	35.6	35.1	34.4	32.5	30.4
Total Liabilities & Shareholders' Equity	89.9	98.5	96.5	92.0	87.3
S/O-Common Stock	4.4	4.4	4.4	4.4	4.4
Total Common Shares Outstanding	4.4	4.4	4.4	4.4	4.4
T/S-Common Stock	0.1	0.1	0.1	0.1	0.1
Full-Time Employees	81	84	84	84	86

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008	Updated Normal 31-Mar-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	92.941082	100.484331	114.302336	116.944303
Auditor	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation	Yusei Audit Corporation
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net income before taxes	1.6	-7.5	0.4	1.0	0.8
Depreciation expenses	0.5	0.5	0.5	0.5	0.2
G/L on val. LT inv't in secs.	0.0	0.0	0.0	0.2	0.0
G on sale of real estate inv.	-1.1	0.0	-	-	-
Gain sale of fixed assets	-	-	0.0	-1.6	0.0
Loss sale of fixed assets	-	0.0	0.0	0.4	0.0
Impairment losses on assets	-	-	-	-	0.0
Reserve for doubtful accounts	-0.7	0.5	1.0	-0.1	-0.3
Reserve for retirement benefits	0.1	-0.1	0.2	-0.1	-0.2
Reserve for dir.'s retirement benefits	-	-	0.0	-2.3	0.2
Reserve for settlement loss	-0.1	0.1	0.0	-	-
Reversal of int.& dividends rcvd.	-0.1	-0.1	-0.1	-0.1	0.0
Reversal of interest expenses	1.1	1.1	1.2	1.1	0.6
(Inc) Dec accounts receivable	3.9	-0.7	3.0	4.6	4.3
(Inc) Dec inventories	3.4	14.2	1.4	3.9	3.6
Inc (Dec) sales tax receivable	-	0.0	0.3	-0.2	0.0
Inc(Dec) in acts & notes payable	0.1	0.1	-0.5	-1.4	-5.0
Inc (Dec) other operating payables	0.0	0.1	-0.2	0.0	-0.3
Inc (Dec) sales tax payables	-0.1	-0.2	0.2	-0.4	0.3
Inc (Dec) accrued expenses	0.0	-0.1	-0.2	-0.3	0.2
Inc (Dec) security deposits rcv'd	0.0	0.0	0.0	-0.2	0.1
Inc(Dec) in LT payable	0.0	-1.9	0.0	2.3	0.0
Other operating activities	1.0	0.1	-0.6	0.7	0.2
Int & div.received(cash basis)	0.1	0.1	0.1	0.1	0.0
Interest paid (cash basis)	-1.1	-1.1	-1.2	-1.1	-0.6
Income taxes paid	0.0	-0.2	0.0	-0.2	0.0
Income taxes refund	0.1	0.0	0.3	0.0	0.0
Cash from Operating Activities	8.6	5.0	5.7	6.9	4.2
Time deposit made	-0.7	-0.7	-0.5	-0.4	-0.4
Time deposit matured	0.4	0.8	0.7	0.2	1.0
Capital expenditure	0.0	0.0	-0.1	-3.5	-0.2
Sale of PPE	0.0	0.0	0.0	2.3	0.2
Purchase of intangible assets	-	0.0	0.0	0.0	-0.1
Purch. of real estate investments	-0.3	0.0	-0.1	-13.9	0.0
Sale of real estate investments	2.1	0.0	0.0	1.5	0.0
Purchase of LT inv't in sec.	-0.1	-0.1	-0.1	-0.1	-0.1
Sale of LT Inv't in secs.	0.0	0.1	0.0	-	-
Purch. of subs. secs.	-	0.0	-0.5	0.0	-
Loans made	-0.1	0.0	-1.5	-2.0	-1.2
Loans collected	0.1	0.2	2.2	1.1	0.8
Other investment activities	0.1	0.1	0.6	0.1	-0.2
Cash from Investing Activities	1.6	0.3	0.7	-14.7	-0.3
ST debts issued	27.5	31.3	33.2	31.8	40.1
ST debts repaid	-33.7	-36.3	-36.1	-41.0	-41.0
LT debts issued	3.5	2.8	1.0	15.4	0.0
LT debts, repaid	-6.2	-2.3	-2.1	-1.7	-0.2
Bond issued	0.0	3.1	0.0	-	0.0
Bond redemption	-0.8	-1.2	-0.7	-0.8	-0.6
Treasury stock purchased	-	-	0.0	-0.2	0.0
Cash dividends paid	-0.3	-0.5	-0.4	-0.4	-0.4
Other	0.0	0.0	0.0	-	-
Cash from Financing Activities	-10.0	-3.0	-5.2	3.1	-2.0
Foreign Exchange Effects	0.0	0.0	0.0	0.0	0.0
Net Change in Cash	0.2	2.3	1.3	-4.7	2.0
Net Cash - Beginning Balance	7.5	4.6	3.0	7.4	5.2
Net Cash - Ending Balance	7.7	6.9	4.3	2.7	7.2
Cash Interest Paid	1.1	1.1	1.2	1.1	0.6
Cash Taxes Paid	0.0	0.2	-0.3	0.2	0.0

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	85.691434	86.812446	88.962162	92.080323	92.941082
Net income before taxes	1.6	0.4	0.5	0.5	-7.5
Depreciation expenses	0.5	0.4	0.2	0.1	0.5
G/L on val. LT inv't in secs.	0.0	0.0	-	-	0.0
G on sale of real estate inv.	-1.1	-	-	-	0.0
Loss sale of fixed assets	-	-	-	-	0.0
Reserve for doubtful accounts	-0.7	-0.4	-0.5	-0.6	0.5
Reserve for retirement benefits	0.1	-	-	-	-0.1
Reserve for settlement loss	-0.1	-	-	-	0.1
Reversal of int.& dividends rcvd.	-0.1	-0.1	0.0	0.0	-0.1
Reversal of interest expenses	1.1	0.9	0.6	0.3	1.1
(Inc) Dec accounts receivable	3.9	0.2	-0.5	1.0	-0.7
(Inc) Dec inventories	3.4	0.8	0.2	-1.9	14.2
Sales tax receivable	-	-	-	-	0.0
Inc(Dec) in acts & notes payable	0.1	0.8	1.2	0.9	0.1
Inc (Dec) other operating payables	0.0	-	-	-	0.1
Inc (Dec) sales tax payables	-0.1	-	-	-	-0.2
Inc (Dec) accrued expenses	0.0	-	-	-	-0.1
Inc (Dec) security deposits rcv'd	0.0	-	-	-	0.0
Inc(Dec) LT payable	0.0	-	-	-	-1.9
Other operating activities	1.0	0.6	0.8	0.4	0.1
Int & div.received(cash basis)	0.1	0.1	0.0	0.0	0.1
Interest paid (cash basis)	-1.1	-0.9	-0.6	-0.3	-1.1
Income taxes paid	0.0	0.0	0.0	0.0	-0.2
Income tax refund	0.1	0.1	0.1	0.0	0.0
Cash from Operating Activities	8.6	2.8	2.0	0.4	5.0
Time deposit made	-0.7	-0.4	-0.2	-0.1	-0.7
Time deposit matured	0.4	0.4	0.3	0.3	0.8
Capital expenditure	0.0	0.0	-	-	0.0
Sale of PPE	0.0	-	-	-	0.0
Purchase of intangible assets	-	-	-	-	0.0
Purch of real estate investments	-0.3	0.0	-	-	0.0
Sale of real estate investments	2.1	-	-	-	0.0
Purchase of LT inv't in sec.	-0.1	-0.1	-0.1	0.0	-0.1
Sale of LT inv't in sec.	0.0	0.0	0.0	0.0	0.1
Purchase of subsidiary stock	-	-	-	-	0.0
Loans made	-0.1	0.0	-	-	0.0
Loans collected	0.1	0.1	0.1	0.0	0.2
Other investment activities	0.1	0.2	0.2	0.0	0.1
Cash from Investing Activities	1.6	0.2	0.3	0.2	0.3
ST debts issued	27.5	28.9	26.0	27.2	31.3
ST debts repaid	-33.7	-32.3	-28.8	-27.6	-36.3
LT debts issued	3.5	3.5	2.2	-	2.8
LT debts, repaid	-6.2	-2.7	-1.8	-0.7	-2.3
Proceeds from issuance of bonds	0.0	0.0	0.0	-	3.1
Bond redemption	-0.8	-0.5	-0.4	-0.1	-1.2
Cash dividends paid	-0.3	-0.2	0.0	0.0	-0.5
Other, net	0.0	0.0	0.0	-	0.0
Cash from Financing Activities	-10.0	-3.3	-2.8	-1.2	-3.0
Foreign Exchange Effects	0.0	-	-	-	0.0
Net Change in Cash	0.2	-0.3	-0.6	-0.7	2.3
Net Cash - Beginning Balance	7.5	7.4	7.2	7.0	4.6
Net Cash - Ending Balance	7.7	7.1	6.6	6.3	6.9
Cash Interest Paid	1.1	0.9	0.6	0.3	1.1
Cash Taxes Paid	0.0	0.0	0.0	0.0	0.2

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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